Question

What are the two types of final goods?

Answer 1

The two types of final goods are producer goods and consumer goods. Producer goods are those goods that are used in the further production of goods and services. For example, spare parts outsourced for the automobile industry are fitted into the main automobile. Consumer goods are ones where the end-users or consumers buy the products or services to fulfill their current needs, wants, and desires like wheat, rice, milk, flour, ice creams, toys, clothes, and chocolates.

Also see:

• Difference Between Final Goods and Intermediate Goods
• Classification of Final Goods
• What are Intermediate Goods?