Question

Explain what is meant by Intermediate goods, Final products and Gross Domestic Products

Answer 1

Answer:

Intermediate goods are used in the production process to produce a final good or finished product. Industries sell intermediate goods to one another for resale or to produce other goods. When calculating GDP, economists use the value-added approach with intermediate goods to ensure they are not double counted.

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Answer 2

Answer:

Intermediate goods are used in the production process to produce a final good or finished product. Industries sell intermediate goods to one another for resale or to produce other goods. When calculating GDP, economists use the value-added approach with intermediate goods to ensure they are not double counted.