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National Income Accounting

Question

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Distinguish between final goods and intermediate goods. Give an example of each.

Solution

basis of difference	final goods	intermediate goods
usage	finals goods are those goods which are used by the consumers for final use.	intermediate goods are those goods which are not ready for final consumption and are used as raw materials for further production.
resale value	these goods are not meant for sale.	these goods are resold for further production.
example	sugar, salt purchased by consumer for final consumption.	cotton purchased by a textile producer for making cloth from it.

Some More Questions From National Income Accounting Chapter

Briefly explain the following basic concepts related to NI:
Consumption Goods and Capital Goods

Briefly explain the following basic concepts related to NI:
Flow and Stock Concepts

Briefly explain the following basic concepts related to NI:
Gross Investment and Net Investment

Briefly explain the following basic concepts related to NI:
Domestic (Economic) Territory

Briefly explain the following basic concepts related to NI:
Normal Residents

Briefly explain the following basic concepts related to NI:
National Income at Current and Constant Prices (Nominal and Real NI).

Briefly explain the following basic concepts related to NI:
Consumption of Fixed Capital (Depreciation).

Briefly explain the following basic concepts related to NI:
Factor Cost vs. Market Price (or Net Indirect Taxes)

Briefly explain the following basic concepts related to NI:
Net Factor Income from Abroad (NFIA)

Briefly explain the following basic concepts related to NI:
Value of Output vs. Value Added

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