what is meant by final goods
Answers
Answer:
final good or consumer good is a commodity that is used by the consumer to satisfy current wants or needs, rather than to produce another good. A microwave oven or a bicycle is a final good, whereas the parts purchased to manufacture it are intermediate goods.
Answer:
Good which are not resold are final goods. For example bread . It is consumed by a consumer.
A teacher uses his skill in school but hires a baby sitter for her child. To pay for her child she has to go to school. Students cannot use her service at home so they attend school to learn. She can provide her service by recording her lecture. But a student did not have this facility 40 years back . Even now physical presence of teacher is required in class room. So when students attend a class , teacher is teaching , production and consumption are happening at same time. That is called providing a service by teacher and students are consuming that service by learning. That is final service.
eg-
We call a customer service member to buy a product. The good is sold . We bought it. He gave us final service . To sell more he contacts another person and provides sale service.
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