CA Foundation Exam > CA Foundation Questions > Iron and steel are the examples of ______ goo...
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Iron and steel are the examples of ______ goods.
- a)Capital
- b)Intermediary
- c)Durable
- d)None of these.
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Iron and steel are the examples of ______ goods.a)Capitalb)Intermediar...
Capital good. ... In terms of economics, capital goods are tangible property. People use them to produce other goods or services within a certain period. Machinery, tools, buildings, computers, or other kinds of equipment that are involved in production of other things for sale, are capital goods. Examples of capital goods include buildings, machines,iron,steel equipment, furniture and fixtures.
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Iron and steel are the examples of ______ goods.a)Capitalb)Intermediar...
Understanding Capital Goods
Capital goods are essential components in the production process, providing the necessary tools and equipment for creating other products. Iron and steel are classified as capital goods due to their significant role in various industries.
Characteristics of Capital Goods
- Durability: Capital goods are typically long-lasting and are not consumed in a single use. They contribute to production over time.
- Investment: Businesses invest in capital goods to enhance their production capabilities. This investment generates future returns.
- Production Role: Iron and steel are foundational materials used in constructing machinery, vehicles, and infrastructure, making them integral to manufacturing processes.
Examples of Capital Goods in Industry
- Construction: Steel is a primary material for buildings, bridges, and roads.
- Manufacturing: Machinery made from iron and steel is vital for producing various goods.
- Transportation: Vehicles and ships rely heavily on steel for construction and functionality.
Conclusion
Iron and steel play a crucial role in the economy by being the backbone of industrial production, classifying them as capital goods. Their durability, investment nature, and essential production role make them indispensable in various sectors, highlighting their importance in economic growth and development.
Capital goods are essential components in the production process, providing the necessary tools and equipment for creating other products. Iron and steel are classified as capital goods due to their significant role in various industries.
Characteristics of Capital Goods
- Durability: Capital goods are typically long-lasting and are not consumed in a single use. They contribute to production over time.
- Investment: Businesses invest in capital goods to enhance their production capabilities. This investment generates future returns.
- Production Role: Iron and steel are foundational materials used in constructing machinery, vehicles, and infrastructure, making them integral to manufacturing processes.
Examples of Capital Goods in Industry
- Construction: Steel is a primary material for buildings, bridges, and roads.
- Manufacturing: Machinery made from iron and steel is vital for producing various goods.
- Transportation: Vehicles and ships rely heavily on steel for construction and functionality.
Conclusion
Iron and steel play a crucial role in the economy by being the backbone of industrial production, classifying them as capital goods. Their durability, investment nature, and essential production role make them indispensable in various sectors, highlighting their importance in economic growth and development.
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Iron and steel are the examples of ______ goods.a)Capitalb)Intermediaryc)Durabled)None of these.Correct answer is option 'A'. Can you explain this answer?
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