Final answer:
Joint products are those that arise from a common production process, are separately identifiable, and have significant value.
Step-by-step explanation:
Two or more different products that are manufactured in the same production period are known as joint products. These products usually arise from a common production process or joint input but are separately identifiable and have significant value. They can be sold as individual products. This is not to be confused with by-products, which typically have less significance in terms of value and may require further processing before sale, or variable products, which refer to outputs that can change based on the use of variable inputs in the production process.