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Business
Diminishing Returns
The law of diminishing returns says that as one input to production keeps increasing while every other input stays fixed, each additional unit adds less extra output than the unit before it, and eventually may add none at all.
Business
Comparative Advantage
Comparative advantage is the ability to produce something at a lower opportunity cost than another party, which makes trade beneficial even when one party is better at everything.
Business
Parkinson’s Law
Parkinson's Law says work expands to fill the time allotted for it, a satirical claim from 1955, not a tested scientific finding.
Business
Sunk Cost
A sunk cost is money, time, or effort already spent that cannot be recovered and should carry no weight in a forward-looking decision.

All of Business

Nearby in Business

Diminishing Returns

Comparative Advantage

Parkinson’s Law

Sunk Cost