Briefly Discuss the Meaning of Ethics

question 25

Short Answer

Briefly discuss the meaning of ethics.

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Definitions:

Labor

The human effort, both physical and mental, employed in the production of goods and services.

Value of Marginal Product

The increment in revenue a firm realizes from employing one additional unit of input, holding all other factors constant.

Output

The quantity of goods or services produced by a company, sector, or economy.

Diminishing Marginal Product

A principle stating that as additional units of a variable input are added to a fixed input, the marginal product of the variable input eventually decreases.