Joint production refers to the simultaneous production of multiple products from a single process or resource. This often occurs in industries like agriculture, where a single crop, such as corn, can yield various products, including corn syrup and ethanol. The efficiency of joint production can lead to cost savings and reduced waste. In addition to agriculture, joint production is common in manufacturing, where a single machine or process can create different items. For example, a petroleum refinery can produce gasoline, diesel, and other byproducts from crude oil. This approach maximizes resource utilization and can enhance profitability for businesses.