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Byproduct
A by-product is a secondary product derived from a manufacturing process or chemical reaction. It is not the primary product or service being produced. In the context of production, a by-product is the ‘output from a joint production process that is minor in quantity and/or net realizable value (NRV) when compared with the main products’. Because they are deemed to have no influence on reported financial results, by-products do not receive allocations of joint costs. By-products also by convention are not inventoried, but the NRV from by-products is typically recognized as ‘other income’ or as a reduction of joint production processing costs when the by-product is produced. A by-product can be useful and marketable or it can be considered waste. For example, bran is a byproduct of the milling of refined flour, sometimes composted or burned for disposal but in other cases used as a nutritious ingredient in food or feed, and gasoline was once a byproduct of oil refining that later became a desirable commodity as motor fuel.
IEA defines “by-product” in the context of life-cycle assessment: “… main products, co-products (which involve similar revenues to the main product), by-products (which result in smaller revenues), and waste products (which provide little or no revenue).”
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Product (noun)
A commodity offered for sale.
“That store offers a variety of products.”
“We’ve got to sell a lot of product by the end of the month.”
“merchandise|wares|goods”
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Product (noun)
Any preparation to be applied to the hair, skin, nails, etc.
“Wash excess product out of your hair.”
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Product (noun)
Anything that is produced; a result.
“The product of last month’s quality standards committee is quite good, even though the process was flawed.”
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Product (noun)
The amount of an artifact that has been created by someone or some process.
“They improve their product every year; they export most of their agricultural production.”
“endwork|production|output|creation|yield”
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Product (noun)
A consequence of someone’s efforts or of a particular set of circumstances.
“Skill is the product of hours of practice.”
“His reaction was the product of hunger and fatigue.”
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Product (noun)
A chemical substance formed as a result of a chemical reaction.
“This is a product of lime and nitric acid.”
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Product (noun)
A quantity obtained by multiplication of two or more numbers.
“The product of 2 and 3 is 6.”
“The product of 2, 3, and 4 is 24.”
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Product (noun)
Any operation or a result thereof which generalises multiplication of numbers, like the product of types or a categorical product.
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Product (noun)
Illegal drugs, especially cocaine, when viewed as a commodity.
“I got some product here – you buying?”
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Byproduct (noun)
alternative form of by-product