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Factory a - PowerPoint PPT Presentation

Unit 8 The Global Economy

Unit 8 The Global Economy. Concept Review: Trade Makes People Better Off. None of us is equally skilled at doing everything It makes more sense to concentrate on what we do best and trade with others for what they do best

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The law of diminishing marginal returns

The law of diminishing marginal returns. What you will learn . Fixed factors and variable factors. Short run and long run. The input-output relationship in the short run. The law of diminishing marginal returns. Take this challenge. Fixed factors and variable factors. Fixed factors.

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Factory a - PowerPoint PPT Presentation

Unit 8 The Global Economy

The law of diminishing marginal returns