Which term describes the total output of goods and services by a firm?

The term that describes the total output of goods and services produced by a firm is production. In economics, production refers to the process of creating goods and services that can be sold in the market. This encompasses all activities that convert inputs—such as labor, materials, and capital—into finished products that can be offered to consumers.

Market share refers to the percentage of total sales a company has in comparison to the overall sales in the market, and it does not directly relate to the quantity of goods and services produced. Consumption pertains to the use of goods and services by consumers, focusing on how products are utilized rather than how they are created. Distribution involves the process of delivering goods and services from producers to consumers, which is a separate phase of the economic cycle after production. Thus, production is the most fitting term to describe the overall output of a firm.