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Since the empty category is vacuously a discrete category, a terminal object can be thought of as an empty product (a product is indeed the limit of the discrete diagram {X i}, in general). Dually, an initial object is a colimit of the empty diagram 0 → C and can be thought of as an empty coproduct or categorical sum.
In mathematics, an empty product, or nullary product or vacuous product, is the result of multiplying no factors. It is by convention equal to the multiplicative identity (assuming there is an identity for the multiplication operation in question), just as the empty sum—the result of adding no numbers—is by convention zero, or the additive identity.
Second, and empty product is not the result of anything, it is something like "0!" whose value is 1, but it is not identical to 1 (or otherwise conversely "1 is an empty product", which seems a bad formulation). In short, one should make distinction between expressions and there values, and an empty product is an expression.
Issuing a blanket order allows a customer not to hold more stock than necessary at any time, and avoids the administrative expense of processing frequent purchase orders, while favoring discount pricing through volume commitments or price-breaks. On the supplier's side, a blanket order may provide the benefit of guaranteeing ongoing business ...
A market can be said to have allocative efficiency if the price of a product that the market is supplying is equal to the marginal value consumers place on it, and equals marginal cost. In other words, when every good or service is produced up to the point where one more unit provides a marginal benefit to consumers less than the marginal cost ...
For example, in a comparison of products, information such as price or weight can be conveyed numerically, and binary information such as the existence or lack of a feature can be conveyed with a check mark; however, information such as "quality" or "safety" or "taste" is often difficult to summarize in a manner allowing easy comparison ...
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