Question

Why is every good or service, not considered as final good or service? Cite with an example.

Answer 1

Answer:

Every goods or services cannot be considered a final one because some are intermediate goods( or alternatively called producer goods) which are used to produce the final products, i.e. act as raw materials in the production of other goods.

For example, sugar is an intermediate good which can be used for direct consumption or also for making other final products. Hence, this cannot be considered a final product.

Answer 2

Every good or service is not considered as the final good or service as the scope of improvement always exists and therefore the final stage is never reached.  

Explanation:  

• Any specific product was primarily developed as the basic one. For example, when televisions were first developed, they had only one channel, needed a huge antenna, was black and white and bulky is size.
• With age, the size of the televisions reduced greatly and it became more complex and fine.
• The televisions of today also cannot be tagged as being the final products because we do not even know what will unfurl in the future with changing technology.

Learn more about final goods:

What are final goods? Write two examples

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What do you mean by final goods and services?

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