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).”
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.”
Any preparation to be applied to the hair, skin, nails, etc.
“Wash excess product out of your hair.”
Anything that is produced; a result.
“The product of last month’s quality standards committee is quite good, even though the process was flawed.”
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.”
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.”
A chemical substance formed as a result of a chemical reaction.
“This is a product of lime and nitric acid.”
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.”
Any operation or a result thereof which generalises multiplication of numbers, like the product of types or a categorical product.
Illegal drugs, especially cocaine, when viewed as a commodity.
“I got some product here – you buying?”
alternative form of by-product