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Non-Competitive Markets
Final goods are finished goods which are meant only for final consumption (by consumers) and investment (by firms). Intermediate goods are those goods which are used as raw material for production of other goods. National income includes value of only final goods (and not of intermediate goods).
Sponsor Area
Giving reasons categorise the following into intermediate products and final products:
(i) Furniture purchased by a school
(ii) Chalks, dusters purchased by a school.
Giving reasons categorise the following into stocks and flows:
(i) Losses (ii) Capital (iii) Production (iv) Wealth.
Sponsor Area
Sponsor Area