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1. Something produced by human or mechanical effort or by a natural process, as: a. An item that is made or refined and marketed: farm products; soaps, detergents, and similar products; travel products such as vacation trips. b. Such items considered as a group: sold a lot of product in May.
Marginal Product. The marginal product is the change in output that occurs when one more unit of input (such as a unit of labor) is added. Marginal Revenue. Marginal revenue is the increase in total revenue that occurs with the production of one more unit of output.