Final answer:
Joint products are products that result from shared manufacturing processes, while common inputs or factors of production refer to the resources like labor, materials, and machinery needed to make goods.
Step-by-step explanation:
Products that result from shared manufacturing processes as a group are called joint products. The shared input resources relating to these products are called common inputs or factors of production. In the context of a business, inputs refer to the resources such as labor, materials, and machinery that are used to produce goods and services.
For example, in the production process of pizza, the inputs or factors of production would include flour, water, and yeast for making dough as well as tomatoes, spices, and cheese for creating the sauce and toppings. The labor is provided by the pizzaiolo (pizza maker), and the machinery might include mixing and cooking equipment such as ovens.