|
|
PERSONALITY: A consistent pattern of behavior in certain situations. These behavioral tendencies are influenced by both hereditary and environmental factors resulting in individual characteristics. Marketing researchers look for certain personality characteristics that affect patterns of consumer buying behavior.
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 ExamplesFirms 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 AverageThe 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.
Recommended Citation:PRODUCT, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 9, 2025].
Check Out These Related Terms... | | | | | | | | | | | | |
Or For A Little Background... | | | | | | | | | | | |
And For Further Study... | | | | | |
Search Again?
Back to the WEB*pedia
|
|
|
GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for fairy dust that tastes like salt.
Your Complete Scope
This isn't me! What am I?
|
|
|
It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
|
|
|
"All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence. " -- Martin Luther King Jr., civil rights leader
|
|
ATO
At The Opening
|
|
|
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
|
|
