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Question

Goods like food and clothing and Services like recreation produced by their ultimate consumers are called

A
Consumption goods
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B
Capital goods
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C
Intermediate goods
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Solution

The correct option is A Consumption goods
<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> Consumer goods, or final goods, are goods sold to consumers for their own use or enjoyment and not as means for further economic production activity.

From an economic standpoint, consumer goods can be classified as durable (useful for longer than 3 years), nondurable (useful for less than 3 years), or pure services (consumed instantaneously as they are produced).

Capital goods are referred to as the fixed or tangible assets that are purchased by a business in order to produce finished products or consumer goods.

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