Question

Distinguish between final goods and intermediate goods . How do they help in calculating GDP

Answer 1

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.

Answer 2

Good but not very good as these answers are too shorts.