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LAW OF DIMINISHING MARGINAL RETURNS: A principle stating that as more and more of a variable input is combined with a fixed input in short-run production, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. Among a host of other things, it offers an explanation for the upward-sloping market supply curve. How does the law of diminishing marginal returns help us understand supply? The law of supply and the upward-sloping supply curve indicate that a firm needs to receive higher prices to produce and sell larger quantities. Why do they need higher prices?

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EMPLOYED PERSONS

People who are actively engaged in the production of goods and services. This is one of three official categories used to classify individuals by the Bureau of Labor Statistics (BLS) based on information obtained from the Current Population Survey. The other two categories are unemployed persons and not in the labor force. The sum of employed persons and unemployed persons constitutes the civilian labor force.

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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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