Differentiate between final good and intermediate good with the help of an example
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An intermediate good is a product used to produce a final good or finished product. These goods are soldbetween industries for resale or the production of other goods. One example of an intermediate good is salt, a product that is directly consumed but also used to manufacture food products.
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The differences are given in the table below
●Final goods:
1.Used for final consumption.
2.Ready for use by final users.
3.Ready for use by final users
4.They are finished goods.
5.Value is calculated for GDP.
●Intermediate goods:
1.Not used for final consumption.
2.Not ready for use by final users.
3.Used as raw material for production of final goods.
4.They are unfinished goods.
5.Not calculated, as the value of final goods included the value of intermediate goods.
6.e.g. flour, milk and sugar are intermediate goods used in making biscuits.
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The differences are given in the table below
●Final goods:
1.Used for final consumption.
2.Ready for use by final users.
3.Ready for use by final users
4.They are finished goods.
5.Value is calculated for GDP.
●Intermediate goods:
1.Not used for final consumption.
2.Not ready for use by final users.
3.Used as raw material for production of final goods.
4.They are unfinished goods.
5.Not calculated, as the value of final goods included the value of intermediate goods.
6.e.g. flour, milk and sugar are intermediate goods used in making biscuits.
MARK ME AS BRAINLIST
AND ALSO FOLLOW ME
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