Total product refers to the total output or quantity of goods produced by a firm in a given period of time, using a specific amount of inputs.
Related terms
Marginal Product: Marginal product is the additional output that is generated by adding one more unit of input, while keeping all other inputs constant.
Average Product: Average product is the total product divided by the quantity of input used to produce it. It represents the average amount of output per unit of input.
Fixed Costs: Fixed costs are expenses that do not change with the level of production, such as rent or salaries.