Examlex
Which of the following often includes visual and auditory representations, but can also include representations of movement, touch, taste, smell, and pain?
Substitute Resource
Alternative resources or inputs that can be used in place of another in the production process to produce a similar type of output.
Productivity
The efficiency with which input resources are converted into outputs, often measured as the ratio of output to input in a given time period.
Law of Diminishing Returns
The principle that as investment in a single factor of production increases, holding all others constant, the incremental gains in output will eventually decrease.
Law of Diminishing Marginal Utility
states that as a person consumes more of a good or service, the utility (satisfaction) gained from each additional unit decreases.
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