You Have Just Been Asked to Serve as a Host

question 70

Essay

You have just been asked to serve as a host for a visitor from France who is very interested in the American legal system and the formation of law in the United States. How would you explain the system of law in this country to your guest?

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Definitions:

Change in Output

This refers to the variation in the quantity of goods or services produced by a company or economy over a certain period.

Law of Diminishing Returns

An economic principle stating that if one input in the production of a product is increased while other inputs are held constant, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output.

Marginal Returns

The additional output gained by adding one more unit of a specific input, assuming all other inputs remain constant.

Total Returns

The complete return on an investment over a given time period, including both capital gains and dividends or interest.