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National Income Accounting — Economics STD 12 Humanities & Commerce — Question

Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsNational Income Accounting2 Marks
Question
Distinguish between intermediate goods and final goods. Also give examples.

OR

Distinguish between final goods and intermediate goods. Give an example of each.

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Answer

Intermediate goods are those goods which are purchased during the year by one production unit from the other production units and completely used up or resold, during the same year, e.g., raw materials, like wheat, cotton etc.
Whereas final goods are those goods which are purchased or own-produced for the purpose of consumption (C) and investment (I), e.g., milk purchased by an household (HH) and TV set purchased by an H.H., machine purchased for installation in a factory etc.

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