Share This Article:

Economic Definition of TP. Defined.

Offline Version: PDF

Term TP Definition: The abbreviation for total product, which is the total quantity of output produced by a firm for a given quantity of inputs. Total product is the foundation upon which the analysis of short-run production for a firm is analyzed. The usual framework is to analyze total product when in a variable input (labor) changes, for a given amount of a fixed input (capital). Two related concepts derived from total product are average product and marginal product.


« total-marginal rule | TR »


Alphabetical Reference to Over 2,000 Economic Terms