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Consider the following statements:
1. Final goods produced in an economy can be classified into consumption goods and capital goods.
2. Consumption goods can be further classified into consumer durables and non durable.
Q. Which of the statements given above is/are correct?
1. Final goods produced in an economy can be classified into consumption goods and capital goods.
2. Consumption goods can be further classified into consumer durables and non durable.
Q. Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)None of these
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements:1. Final goods produced in an econom...
Option C is the answer that is both 1 and 2 .final goods in an economy can be classified as consumption good and capital goods depending upon the uses and also consumption goods can be further classified as durable and non durable depending upon their durability.
Community Answer
Consider the following statements:1. Final goods produced in an econom...
Classification of Final Goods in an Economy
Final goods produced in an economy can be classified into two categories, which are:
1. Consumption Goods: The goods that are directly consumed by the end-users are known as consumption goods. These goods can further be classified into two sub-categories:
- Consumer Durables: The goods that have a long life and are used repeatedly over a period of time are known as consumer durables. Examples of consumer durables include cars, refrigerators, furniture, etc.
- Non-Durable Goods: The goods that are used once or a few times and then consumed are known as non-durable goods. Examples of non-durable goods include food, toiletries, etc.
2. Capital Goods: The goods that are used in the production process to create other goods and services are known as capital goods. Examples of capital goods include machinery, equipment, vehicles used for transportation of goods, etc.
Therefore, both statements given in the question are correct. Final goods produced in an economy can be classified into consumption goods and capital goods. Consumption goods can be further classified into consumer durables and non-durable goods.
Final goods produced in an economy can be classified into two categories, which are:
1. Consumption Goods: The goods that are directly consumed by the end-users are known as consumption goods. These goods can further be classified into two sub-categories:
- Consumer Durables: The goods that have a long life and are used repeatedly over a period of time are known as consumer durables. Examples of consumer durables include cars, refrigerators, furniture, etc.
- Non-Durable Goods: The goods that are used once or a few times and then consumed are known as non-durable goods. Examples of non-durable goods include food, toiletries, etc.
2. Capital Goods: The goods that are used in the production process to create other goods and services are known as capital goods. Examples of capital goods include machinery, equipment, vehicles used for transportation of goods, etc.
Therefore, both statements given in the question are correct. Final goods produced in an economy can be classified into consumption goods and capital goods. Consumption goods can be further classified into consumer durables and non-durable goods.
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Consider the following statements:1. Final goods produced in an economy can be classified into consumption goods and capital goods.2. Consumption goods can be further classified into consumer durables and non durable.Q.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)None of theseCorrect answer is option 'C'. Can you explain this answer?
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