Question
Distinguish between intermediate goods and final goods. Also give examples.OR
Distinguish between final goods and intermediate goods. Give an example of each.
Distinguish between final goods and intermediate goods. Give an example of each.
✓
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.
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.
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.
Explore more
Similar questions
Justify the following statement, with valid reason.
‘‘Ex-ante Aggregate Demand is always equal to Ex-ante Aggregate Supply.’’
‘‘Ex-ante Aggregate Demand is always equal to Ex-ante Aggregate Supply.’’
Giving two examples, explain why there is a rise in demand for a foreign currency when its price falls.
Why supply curve of foreign exchange is upward sloping?
From the following data calculate 'gross value added at factor cost':
| (Rs. in lakhs) | ||
| 1 | Net indirect tax | 20 |
| 2 | Purchase of intermediate products | 120 |
| 3 | Purchase of machines | 300 |
| 4 | Sales | 250 |
| 5 | Consumption of fixed capital | 20 |
| 6 | Change in stock | 30 |
Explain the ‘lender of last resort’ function of the Central Bank.
Who is the father of Modern Macroeconomics Analysis?OR
Name the economist who gave the understanding of Macroeconomics for the first time.
Name the economist who gave the understanding of Macroeconomics for the first time.
When foreign exchange rate in a country is on the rise, what impact is it likely to have on imports and how?
If the Nominal GDP is ₹ 600 and Price Index (base = 100) is 120, calculate the Real GDP.
Give two examples of macroeconomics studies.
Define frictional and structural unemployment.