Role of Training and Development in Employment Opportunities - Term Paper Example

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In this paper, the author demonstrates how to analyze the impact of diminishing returns on the marginal productivity of workers. Also, the author discusses employment practices using the concepts of Economics. And describes three stages of production…
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Role of Training and Development in Employment Opportunities
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Download file to see previous pages Law of diminishing return states that in case if equal quantities of one variable factor are increased, whereas, the other factor remains constant, there is a point in the economy beyond which if an extra unit of the variable factor added leads to diminishing return and fall in marginal physical product (Black and Lynch, 2001). The main reason behind this is that as one of the factors is held fixed and the other factor is increased, the proportions of the factors change. As the proportion of variable factor increases, the factor proportions become appropriate for carrying out the production within the economy and the marginal product increases. However, the researcher says that after a certain level, the production system becomes too much crowded with variable inputs and the factor proportions cannot be utilised for the production (Edvinsson, 2002). According to a researcher, an increase in proportions of the labour as well as the capital within the agricultural land for cultivation raises the output depending on the amount of input within the production process (Black and Lynch, 2001). However, in the agricultural process, there are changes that may arise due to improvement in technology as well as the factor proportions. Technology within the agricultural field deals with the use of a new and improved variety of crops for production and also the use of better quality fertilizers for proper cultivation. The law of diminishing returns is also referred to as the law of variable proportions within the economy (Lopez, Vaya and Artis, 2004). According to another researcher, if the level of a productive service is increased and the other productive service level is held constant, the total production is expected to increase until a certain point and then it decreases within the economy (Lopez, Vaya and Artis, 2004). The level of output will also increase for a certain level at an increasing rate and then it is expected to increase at a decreasing rate and then the economy reaches a point where any further application of the variable factors would lead to a total decline in the production level in the economy. ...Download file to see next pagesRead More
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