Define Product

question 10

Essay

Define product.What is the difference between product and product item?

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Definitions:

Producing Firm

An entity or company involved in the creation of goods or services to be offered to consumers.

Decision Makers

Individuals or groups responsible for making choices that determine the course of actions to be followed.

Efficient

The property of resource allocation where it is impossible to make any one individual better off without making at least one individual worse off.

Marginal Benefit

Marginal benefit is the additional satisfaction or utility that a consumer receives from consuming one more unit of a good or service.