" the "principle of diminishing marginal productivity," and the "law of variable proportions." This law affirms that the addition of a larger amount of one factor of production,ceteris paribus, inevitably yields decreased per-unit incremental returns.The law does not imply that the additional...
The consequences of this diminished productivity can extend beyond the recessionary period. In practical terms, this implies that even when the economy begins to recover, it may struggle to regain the growth trajectory it maintained prior to the downturn. For instance, companies may be hesitant on ...
Often,economicsseemstobeamys___subject.Newspapersandtelevisionuseterminologythatcansound___aforeignlanguage.Theyspeakofthegross___(nation)product,the balanceofpayments,thecostofliving,interest,productivity,stocksandbonds,andsoforth. In someways,economicsislikeanenormousjigsawpuzzle.Eachpieceisbasic,butthepiece...
In this article we examine the economic benefits of the long history of public research in agriculture. Agricultural productivity continues to grow. Annual rates of return on research expenditure are of the order of 50 percent. Research oriented to science is profitable when associated with technologi...
Undesirable Output in Efficiency and Productivity: Example of the G20 Countries. Energy Sources, Part B: Economics, Planning, and Policy, 11(3), pp.237-243.Chiu, Y.H.; Shyu, M.K.; Lu, C.C. Undesirable output in efficiency and productivity: Example of the G20 countries. Energy Source...
Real GDP growth. Real GDP grows significantly in the peak phase. This growth emanates from the increased production of goods and services in the economy. The peak phase is a turning point in the business cycle because the high productivity, high employment rate, and high GDP growth rate mak...
capital goods – such as new equipment, new construction, plant improvements and new business vehicles – help increase productivity and boost the economy even further. Increased productivity also leads to an increase in jobs and additional national income that continues the cycle of rising national ...
Real GDP growth. Real GDP grows significantly in the peak phase. This growth emanates from the increased production of goods and services in the economy. The peak phase is a turning point in the business cycle because the high productivity, high employment rate, and high GDP growth rate make...
What is the economic meaning of "economies of scale" and how does it affect the operations, productivity, and competitiveness of firms? How do economies of scope and economies of scale differ? Explain the economic benefits of these activities for an organization. ...
Currency devaluation may lower productivity in the long term since imports of capital equipment and machinery become too expensive for local businesses. If currency depreciation is not accompanied by genuine structural reforms, productivity will eventually suffer. Among the hazards: The degree of ...