A by-product is a secondary product derived from the production of a primary good. The sale of by-products can enhance profitability by offsetting disposal costs or adding revenue streams. For example, tar is a by-product of refining oil for petrol.
Industrial Economics explores the decision-making processes of firms and the interactions between them within the marketplace. It incorporates concepts from game theory to understand these dynamics.
Explore the concept of labour intensity, the proportion of labour in total inputs to a productive process, and its significance in economic and industrial contexts.
Technical Efficiency refers to obtaining the largest possible level of output for a given quantity of inputs or using the smallest possible quantity of inputs to obtain a given output. This encompasses efficiency in production and is necessary, though not sufficient, for the overall efficiency of the economy.
