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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 is an economics term used to describe the additional output that is produced by one more unit of an input. In other words, how does the last unit effect the total product. Marginal product is an important concept used to analyze short-run production.You can calculate marginal product by dividing the change in the total product by the change in the variable input.Step 1.arginal product is an important concept used to analyze short-run production. You can calculate marginal product by dividing the change in the total product by the change in the variable input.