Question

Differenciat between final and intermediate good

Answer 1

An intermediate good is a product utilized to produce a final good or finished product. These goods are sold between industries for resale or for the production of othergoods. One example of an intermediate good is salt, a product that is directly consumed and is also used to manufacture food products.
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Answer 2

FINAL GOODS

INTERMEDIATE GOODS

USED FOR FINAL CONSUMPTION

NOT USED FOR FINAL CONSUMPTION

READY FOR USE BY FINAL USERS

NOT READY FOR USE BY FINAL USERS

MADE USING INTERMEDIATE GOODS

USED AS RAW MATERIAL FOR PRODUCTION OF FINAL GOODS

THEY ARE FINISHED GOODS

UNFINISHED GOODS

MEANT FOR INVESTMENTS BY FIRMS

MEANT FOR RESALE

VALUE OF FINAL GOODS ARE CALCULATED FOR GDP

NOT CALCULATED AS VALUE OF FINAL GOODS ALREADY INCLUDES THE VALUE OF INTERMEDIATE GOODS

EG: BISCUITS ARE FINAL GOODS

EG: FLOUR, MILK, SUGAR USED IN MAKING BISCUITS ARE INTERMEDIATE GOODS