Output

Definition

Output refers to the quantity of goods or services produced by a firm in a given period of time. It is the result of combining inputs such as labor and capital to create a final product.

Related terms

Productivity: Productivity measures how efficiently inputs are used to produce output. It is calculated by dividing output by input.

Marginal Product: Marginal product refers to the additional output that is generated when one more unit of input is added while keeping other inputs constant.

Total Cost: Total cost includes all costs incurred by a firm in producing a certain level of output, including fixed costs and variable costs.