The Idea That the More Any Given Resource Is Applied

question 15

Multiple Choice

The idea that the more any given resource is applied to production, the lower the marginal gain in output, until a point is reached where the additional inputs produce no additional output, is referred to as:

• A) the point of no return.
• B) the law of diminishing returns.
• C) supply and demand.
• D) inelasticity.
• E) virtual economics.

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Definitions:

Personal Space

The physical area surrounding individuals that they consider psychologically theirs, infringement of which can cause discomfort or distress.

Inborn

Traits, characteristics, or abilities present in an individual from birth, not acquired or developed through experience.

Culture

The entire way of life of a group of people (including both material and symbolic elements) that acts as a lens through which one views the world and that is passed from one generation to the next.

Symbolic Culture

The aspect of culture that consists of the symbols, language, norms, and values that people create and share to communicate and make sense of the world.