Examlex
In the circular-flow diagram, factors of production include land, labor, and capital.
Diminishing Marginal Returns
A principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other inputs remain constant.
Per-worker Production Function
A mathematical representation of the relationship between output per worker and the amount of capital per worker, along with technology.
Capital
Financial assets or the financial value of assets, such as cash and securities, used to fund a business or generate wealth.
Diminishing Marginal Returns
The principle that as additional units of a factor of production are added to a fixed amount of other factors, the increase in output will eventually decrease.
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