The law of diminishing returns is an economic principle that states that as you continue to add more input to a process, the additional output you get from each new unit of input will eventually decrease. This concept is not just limited to economics; it can be observed in various aspects of everyday life.
One common example is studying for an exam. Imagine you are preparing for a test and you spend the first few hours studying effectively. During this time, you learn a lot of new information and your understanding of the subject improves significantly. However, as you continue to study for longer hours, you might notice that the amount of new information you retain starts to decrease. You might even reach a point where additional hours of studying do not contribute much to your knowledge and may even lead to fatigue, making it harder to concentrate.
Another example is in the context of exercise. When you start a new workout routine, you might see rapid improvements in your fitness level. However, as you continue to exercise more intensely or for longer durations, the rate of improvement slows down. You might find that you need to put in significantly more effort to achieve even small gains in performance or strength.
In both of these scenarios, the initial input (studying or exercising) yields substantial returns, but as you continue to add more input, the additional benefits you receive start to diminish. This is a practical illustration of the law of diminishing returns in real life.