law of diminishing returns definition

  • noun:
    • The propensity for a continuing application of effort or skill toward a specific task or goal to decrease in effectiveness after a specific degree of result has-been achieved.
    • The inclination for a consistent effort toward a certain objective to decline in effectiveness after some success is attained.
    • A relationship between input and result, so that incorporating products of every one input (labour, money etc.) to fixed levels of the others will produce successively smaller increments of output.
    • a law affirming that to continue after a particular standard of performance has-been reached can lead to a decline in effectiveness
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