Define or explain the following concepts:
iii. Output
ANSWER:
iii. Output
ANSWER:
Output refers to the total quantity of a good being produced in an economy at a given point of time. In other words, it is defined as the sum total of goods produced by all the firms with all the units of inputs - both variable and fixed factors. Algebraically, it is defined as the summation of all the goods and services produced in an economy.
