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In mathematics, a product is the result of multiplication, or an expression that identifies objects (numbers or variables) to be multiplied, called factors.For example, 21 is the product of 3 and 7 (the result of multiplication), and (+) is the product of and (+) (indicating that the two factors should be multiplied together).
"Gross" means total product, regardless of the use to which it is subsequently put. "Net" means "Gross" minus the amount that must be used to offset depreciation – ie., wear-and-tear or obsolescence of the nation's fixed capital assets. "Net" gives an indication of how much product is actually available for consumption or new investment.
The total product was Levitt’s vision of how intangible elements could be added to a physical product, transforming it into an offering that was often more valuable than the physical attributes alone. The total product concept was also refined by Tom Peters. In a 1986 publication entitled "The Eye of the Beholder", Peters proposed an ...
The gross national income (GNI), previously known as gross national product (GNP), is the total amount of factor incomes earned by the residents of a country. It is equal to gross domestic product (GDP), plus factor incomes received from non-resident by residents, minus factor income paid by residents to non-resident. [2]: 44
Gross domestic product (GDP) is a monetary measure of the total market value [1] of all the final goods and services produced and rendered in a specific time period by a country [2] or countries. [ 3 ] [ 4 ] [ 5 ] GDP is often used to measure the economic performance of a country or region. [ 2 ]
In production there are two features which explain increasing economic welfare. The first is improving quality-price-ratio of goods and services and increasing incomes from growing and more efficient market production, and the second is total production which help in increasing GDP. The most important forms of production are: market production
In economics, total-factor productivity (TFP), also called multi-factor productivity, is usually measured as the ratio of aggregate output (e.g., GDP) to aggregate inputs. [1] Under some simplifying assumptions about the production technology, growth in TFP becomes the portion of growth in output not explained by growth in traditionally ...
Graph of total, average, and marginal product In economics , a production function gives the technological relation between quantities of physical inputs and quantities of output of goods. The production function is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocative ...