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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.
Production. The total amount of output produced by a firm is a function of the levels of input usage by the firm. In the short run, a simplified version of this relationship is provided by a firm's total physical product (TPP) (also known as total product) function.