Google
Tuesday 
January 16, 2018 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
REVALUATION: The act of increasing the price (exchange rate) of one nation's currency in terms of other currencies. This is done by the government if it wants to raise the price of the country's exports and lower the price of foreign imports. This is an appropriate action if the country is running an undesired trade surplus with other countries. The procedure for revaluation is for the government to buy the nation's currency and/or sell foreign currencies through the foreign exchange market.

Visit the GLOSS*arama


PRODUCT:

A generic term for a tangible good or an intangible service that is the output or end result of the resource transformation process of a business firm. This notion of product usually surfaces in the context of analyzing the short-run production of a firm, often modified by the terms total, marginal, and average, as in total product, marginal product, and average product.
Product is another term for the output of a firm's production activity. The product of a firm might be a tangible good or an intangible service. It might be sold to consumers as a final consumption good or other business firms as a capital good. The product might be purchased by government or exported to another country. Or it might even serve as an intermediate input in the production of another good.

A Few Examples

Firms produce a wide range of different products. A few examples are illustrated with the hypothetical economy of Shady Valley. An extensive array of analogous real world products also exists.
  • Consider, for example, a tangible good offered by Waldo's TexMex Taco World restaurant. A key product for Waldo is the Super Deluxe TexMex Gargantuan Tacos (with sour cream and jalapeno peppers).

  • Another example of a product is provided by the Shady Valley Amusement Park. In this case the produce is the intangible service provided by thrilling rides on the Monster Loop Death Plunge Roller Coaster.

  • On the manufacturing side of the economy, the product generated by Mona Mallard's Duct Tape factory is rolls and rolls of Mona Mallard Duct Tape.

  • An example of a product that is an intermediate good used for other production is quagliminium, a rare mineral substance, mined by the Queoldiolian Quagliminium Extraction Concern operating in the Republic of Northwest Queoldiolia.

Total, Marginal, and Average

The analysis of short-run production is most concerned with the connection between the amount of product generated by a firm and the quantity of the variable input used. This gives rise to three related product notions--total product, marginal product, and average product.
  • Total Product: This is the total quantity of output produced by a firm, usually corresponding with a given quantity of inputs. The relation between total product and a variable input such as labor is the foundation for the short-run production analysis.

  • Marginal Product: This is the change in total product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal product is guided by the law of diminishing marginal returns and plays a big role in the short-run production decision by a firm.

  • Average Product: This is the total quantity of output produced per unit of variable input, holding all other inputs unchanged.

<= PRODUCER SURPLUSPRODUCT DIFFERENTIATION =>


Recommended Citation:

PRODUCT, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: January 16, 2018].


Check Out These Related Terms...

     | output | product inputs | fixed input | variable input | production function | production time periods | total product | marginal product | average product | law of diminishing marginal returns | marginal returns | production stages |


Or For A Little Background...

     | short-run production | analysis | production | production cost | variables | labor | capital | economic analysis | marginal analysis | factors of production | microeconomics |


And For Further Study...

     | long-run production analysis | total product and marginal product | average product and marginal product | total product and average product | gross domestic product |


Search Again?

Back to the WEB*pedia


APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for slow moving vehicles with darkened windows.
Your Complete Scope

This isn't me! What am I?

The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment."

-- Grenville Kleiser, Author

ISDA
International Swaps and Derivatives Association
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2018 AmosWEB*LLC
Send comments or questions to: WebMaster