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The Ovum

question 65

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The ovum


Definitions:

Diminishing Returns

The principle stating that if one factor of production is increased while others remain constant, the overall returns will initially increase but will eventually decrease after a certain point.

Unit Of Labor

A measure of labor input, often referred to as one hour of work by an employee or worker.

Law Of Diminishing Returns

An economic principle stating that if one factor of production is increased while others remain constant, the overall marginal returns will eventually decrease.

Average Output

The total output produced divided by the number of units of input, measuring the efficiency or productivity of production.

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