In economic terms, what are the end products or goals of production known as?

The end products or goals of production are referred to as outputs in economic terms. Outputs represent the final goods or services that are produced as a result of the production process. This includes everything that is created and made available for consumption, trade, or use after utilizing various inputs such as labor, raw materials, and capital.

The distinction of outputs is essential in understanding economic activities because they are the measurable results of the production process, indicating the effectiveness and efficiency of the resources utilized. Outputs can be tangible items, like crops and manufactured goods, or intangible services, like consulting or healthcare.

In contrast to outputs, inputs are the resources used in the production process, costs refer to the expenses associated with production, and resources encompass all elements utilized in generating outputs, including labor, land, and capital. Understanding these terms helps clarify economic discussions around production and resource allocation.