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In economics, the three stages of production are increasing average product production, decreasing marginal returns and negative marginal returns. These stages of production apply to short-term production of goods, with ... More »

www.reference.com World View Social Sciences Economics

The law of variable proportions is an economics term that describes when a business increases one factor of production while keeping another factor constant, causing the increase of production levels created through thes... More »

www.reference.com World View Social Sciences Economics

Some of the principles of economics that affect our daily lives are the law of diminishing returns, sunk cost and opportunity cost. Marketing and budgeting are two common ways people use economics every day. More »

www.reference.com World View Social Sciences Economics
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Allocation in economics is an analysis of how limited resources, also called factors of production, are distributed among producers, and how scarce goods and services are divided among consumers. Accounting cost, opportu... More »

www.reference.com World View Social Sciences Economics

The law of variable proportions is an economics term that describes when a business increases one factor of production while keeping another factor constant, causing the increase of production levels created through thes... More »

www.reference.com World View Social Sciences Economics

In economics, land, labor, capital and entrepreneurship are known as the four factors of production. They are given this label because each plays a role in the production of business and industry that impacts the economi... More »

www.reference.com World View Social Sciences Economics

Adam Smith's main contributions to the field of economics were to lay the conceptual foundations for measuring a nation's wealth not by its gold or silver reserves but by its levels of production, and also to champion fr... More »

www.reference.com World View Social Sciences Economics