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What is product or output in economics?

The total product of a business represents the sum total of what it produces , while the marginal product represents additional output stemming from the increase of a single input. As a general rule: When total output is low, increasing input will yield a positive marginal product.

What are some examples of economic goods?

An economic good is a physical object or service that has value and can be sold; some examples include bananas, toys, haircuts and cars. Sometimes a distinction is made between tangible products, simply called goods, and intangible services.

What is production in economics?

Production in Economics can be defined as the process of converting the inputs into outputs. Inputs include land, labour and capital, whereas output includes finished goods and services. In other words, Production in Economics is an act of creating value that satisfies the wants of the individuals.

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