define GDP. What are final good and intermediate goods.
Answers
Explanation:
Gross Domestic Product (GDP) is the final monetary value of the goods and services produced within the country during a specified period of time, normally a year. In simple terms, GDP is the measure of the country's economic output in a year
A final goods or consumer goods is a commodity that is used by the consumer to satisfy current wants or needs, unlike intermediate goods which is utilized to produce another goods. A microwave oven or a bicycle is a final good, whereas the parts purchased to manufacture it are intermediate goods.
Intermediate goods, producer goods or semi-finished products are goods, such as partly finished goods, used as inputs in the production of other goods including final goods. A firm may make and then use intermediate goods, or make and then sell, or buy then use them.
HOPE THIS HELPS YOU....
PLEASE MARK AS BRAINLIEST ....
HAVE A NICE DAY AHEAD... :-)