Final goods are thosea)Which are for resaleb)Which are for long term usec)Which capital can buyd)Which are for final consumptionCorrect answer is option 'D'. Can you explain this answer?

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Answer

Question hi answer hai iska.....'Final goods' -Means No Further production is required....it is ready for Consumption like-,Milk is a final good if it is purchased to drink,Bicycle that is sold to consumer is a final good or consumer goods.

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basic concept of national income class 12th part 1

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Because these are the goods which have crossed production line and are ready for use to its final users

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Final goods are those which are for final consumption. They are the end products that are ready for use by individuals or households. These goods are purchased by consumers for their own personal satisfaction and are not intended for further production or resale. Final goods are the opposite of intermediate goods, which are used in the production of other goods and services.

Final goods can be categorized into two types: consumer goods and capital goods.

Consumer goods are the goods that are directly consumed by individuals or households to satisfy their needs and wants. They can further be classified into durable goods and non-durable goods.

Durable goods are those goods that have a longer lifespan and can be used repeatedly over a period of time. Examples of durable consumer goods include cars, furniture, and appliances. These goods are usually more expensive and require a higher level of investment.

Non-durable goods, on the other hand, are goods that are consumed or used up quickly. They have a shorter lifespan and are generally less expensive. Examples of non-durable consumer goods include food, beverages, and toiletries.

Capital goods, on the other hand, are goods that are used in the production of other goods and services. They are not meant for final consumption but are used to enhance the production process. Capital goods include machinery, equipment, buildings, and tools. These goods are used by businesses to produce other goods or to provide services.

Final goods are important for measuring a country's gross domestic product (GDP), which is a measure of the total value of all final goods and services produced within a country's borders during a specific time period. By excluding intermediate goods from the calculation, GDP reflects only the value added at each stage of production.

In conclusion, final goods are those goods that are intended for final consumption by individuals or households. They can be consumer goods or capital goods, depending on their use in the production process. Understanding the difference between final goods and intermediate goods is important for accurately measuring a country's economic output.

Answer

The correct answer is D: Which are for final consumption.

Final goods, also known as consumer goods or finished goods, are goods that are produced for the purpose of being consumed by households or final users. They are the end products of the production process, and are not used as inputs in the production of other goods or services. Final goods include both durable goods, such as appliances and furniture, and nondurable goods, such as food and clothing.

Intermediate goods, on the other hand, are goods that are used as inputs in the production of other goods or services. They are typically not sold directly to households or final consumers, but rather are used as inputs in the production process by firms. Intermediate goods include raw materials, components, and partially finished goods that are used in the production of final goods.

Final goods are typically not meant for resale or for long-term use, as they are consumed or used up by households or final users. Capital goods, such as machinery and equipment, are typically meant for long-term use, as they are not consumed or used up in the production process but rather are used over a period of time to produce other goods and services.

Similar Commerce Doubts

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?

Final goods are those goods

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