Law of Diminishing Returns
Definition: The "law of diminishing returns" is a concept that means when you keep adding more of one resource (like time, money, or effort) to a project or activity after a certain point, the extra benefits you get will start to decrease. In other words, after you reach a certain level of input, adding more does not help as much as it did before.
Usage Instructions: You can use this phrase when discussing economics, business, or any situation where resources are being used. It's helpful to explain that there is a limit to how effective more effort or resources can be.
Example: - "When I studied for the exam, I found that after studying for three hours, my focus started to decrease. This is an example of the law of diminishing returns."
Advanced Usage: In more complex discussions, the law of diminishing returns can be applied to various fields such as agriculture, manufacturing, and even in personal productivity. For instance, a farmer might notice that after a certain amount of fertilizer is used, adding more does not significantly increase the crop yield.
Word Variants: - Diminishing Return (singular): Refers to the individual decrease in output. - Diminishing (adjective): Used to describe something that is becoming less in quantity or importance.
Different Meanings: The term is primarily used in economics and productivity. However, it can be metaphorically applied to other areas, such as relationships, where continuous effort might not yield better results after a certain point.
Synonyms: - Decreasing returns - Law of decreasing returns - Marginal returns (in a more technical sense)
Idioms and Phrasal Verbs:While there are no direct idioms or phrasal verbs that mean the same as "law of diminishing returns," you might hear phrases like: - "You can’t get blood from a stone," which implies that you cannot get more out of something that has already been exhausted. - "Hitting a wall," which suggests reaching a limit in productivity.
Summary: The law of diminishing returns is an important concept that highlights the limits of efficiency when adding resources.