I don't think you mean
/usr/bin/mysqldump args
versus
mysqldump args
which is what "path to mysqldump command" sounds like. But that you mean
mysqldump args > outputfile
or
mysqldump args -r outputfile
versus
mysqldump args
If that's the case then if you don't specify an output file then the output will be to stdout
(i.e. the terminal).