Key Concepts Learned Last Week: GDP
Gross domestic product: the market value of all final goods
and services produced in a country during a period of time,
typically one year.
Circular Flow Diagram: Production=Expenditure=Income
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Measure GDP: Y = G
Section B: Short Question
1. Briefly explain the law of diminishing returns.
In economics, diminishing returns (also called diminishing marginal returns) is the decrease in
the marginal (per-unit) output of a production process as the amount of a single f