Give an example of an intermediate good :
a) Woven basket b) Chair production from wood c) Wheat flour d) Biscuits
Answers
Answers:
Some examples of intermediate goods include: Salt: Salt is considered an intermediate good because it is included in the final product of many food and non-food items. Wheat: Like salt, wheat is an intermediate good because it is processed to be used as part of another product, usually food or food-related.
Answer:
Wheat flour is an example of an intermediate good.
So, option c is the correct option.
Explanation:
An intermediate product is a product from which a final or finished product is made - it is also called a consumer product. Intermediate products such as salt can also be finished products because they are consumed directly by consumers and used by producers to make other food products.
Intermediate goods are sold between production of other goods or industries for resale . The other name of these goods is semi-finished products because they are used as inputs to become part of the finished product.
Intermediate goods are products that are used in the production process to make other goods that are ultimately sold to consumers.
Intermediate goods are sold from industry to industry for resale or production of other products.
An intermediate good is usually used directly by the manufacturer, sold to another company to make another intermediate good, or sold to another company to make a finished product.
When calculating GDP, economists use the value-added method for intermediate goods so that they are not counted twice - once when buying and once when selling the final product.
Intermediate goods are crucial in the production process, which is why they are also called producer goods. Industries sell these goods to each other for resale or to produce other goods. When they are used in the manufacturing process, they are transformed into another state.
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