What are final goods in economics?

Open in App

Solution

A final good or consumer products are goods that are utilized by the customer to fulfill current needs or wants, whereas intermediate goods are used to create different products. For example, purchase of a car is a final good, while purchasing additional parts is intermediate goods.

Also see:

Difference Between Final Goods and Intermediate Goods

Classification of Final Goods

Suggest Corrections

Similar questions

The final stage of economic growth in which leading sectors produce durable consumer goods and services is called ____________.

if fnal producer goods are used in the production process, then what is the difference between final producer goods and intermediate goods?

how are final goods different from intermediate goods?why only value of final goods is included in the estimation of gdp?

Join BYJU'S Learning Program