Please Define the Following Key Terms

question 65

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Thales

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Definitions:

Labor

The human effort, physical or mental, used in the production of goods and services.

Marginal Product

Marginal Product is the additional output resulting from the use of one more unit of a production input, holding all other inputs constant.

Units of Output

The quantities of a good or service produced by a firm or economy.

Diminishing Returns

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