Question

Distinguish between..
Intermediate product and final product.

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Answer 1

Answer:

Final goods are referred to as those goods which do not require further processing. These goods are also known as consumer goods and are produced for the purpose of direct consumption by the end consumer. Intermediate goods are referred to as those goods that are used by businesses in producing goods or services.

Answer 2

Answer:

Answer

Intermediate Product

Final Product

These products may be used as raw material for the production of other goods during an accounting year.

These goods are not used as raw material for the production of other goods during an accounting year.

These products may be resold by the firms for profit.

These products are not resold by the firms for profit.

Value is yet to be added to these good.

Value is not to be added to these good.

These goods are not included in the estimation of national income.

These goods are included in the estimation of national income.

Example: Wheat flour used to make the bread is an intermediate good.

Example: Bread used by consumers

Explanation:

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