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ANSWER FAST PLZZ
Distinguish between intermediate goods
and consumer goods industries. Give
examples of each.
Answers
Industrial goods are materials used in the production of other goods, while consumer goods are finished products that are sold to and used by consumers. Industrial goods are bought and used for industrial and business use. They are made up of machinery, manufacturing plants, raw materials, and any other good or component used by industries or firms. Consumer goods are ready for the consumption and satisfaction of human wants, such as clothing or food.
KEY TAKEAWAYS
Industrial goods are bought and used for industrial and business use.
Consumer goods are ready for the consumption and satisfaction of human wants.
While industrial goods are made up of machinery, plants, and raw materials, consumer goods are commodities purchased by a buyer like clothing, food, and drinks.
Industrial Goods
Industrial goods are based on the demand for the consumer goods they help to produce. Industrial goods are classified as either production goods or support goods. Production goods are used in the production of a final consumer good or product, while support goods help in the production process of consumer goods such as machinery and equipment.
Answer:
Final goods
(i) The goods which are used either for final consumption or for capital formation.
(ii) The value of final I goods is included in the national income.
(iii) Example, television, bread or bakery products, etc.
Intermediate goods
(i) The goods which are used up in producing the final goods and services.
(ii) The value of intermediate goods is not included in the national income.
(iii) Example, flour, cotton, etc.