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Production Function
A model in economics that describes the relationship between the quantities of productive factors used (inputs) and the amount of product obtained (outputs).
Inputs
Resources used in the production of goods and services, such as labor, materials, and capital.
Output
The total amount of goods or services produced by a company, system, or economic process.
Marginal Product
The additional output that is produced by using one more unit of a particular input, ceteris paribus.
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