In
production
Production may refer to:
Economics and business
* Production (economics)
* Production, the act of manufacturing goods
* Production, in the outline of industrial organization, the act of making products (goods and services)
* Production as a stat ...
, a final product or finished product is a
product that is ready for
sale,
[Wouters, Mark; Selto, Frank H.; Hilton, Ronald W.; Maher, Michael W. (2012): ''Cost Management: Strategies for Business Decisions'', International Edition, Berkshire (UK), p. 532.] distinguishable from a business's
work in progress
Work in process or work-in-process, (WIP), work in progress (WIP), goods in process, or in-process inventory refers to a company's partially finished goods waiting for completion and eventual sale, or the value of these items. The term is used in ...
, which is not yet complete or ready for sale.
For example, oil is the final product of an oil company. The farmer sells his vegetables as his final product, after they have been through the whole process of growth.
References
See also
*
By-product
A by-product or byproduct is a secondary product derived from a production process, manufacturing process or chemical reaction; it is not the primary product or service being produced.
A by-product can be useful and marketable or it can be cons ...
*
Intermediate good
Intermediate goods, producer goods or semi-finished products are Good (economics), goods, such as partly finished goods, used as inputs in the production of other goods including final goods. A firm may make and then use intermediate goods, or mak ...
*
Raw material
A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials/Intermediate goods that are feedstock for future finished ...
Manufacturing
Product
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