6 Questions
Which of the following is true about final goods?
They are goods that are meant for final use and will not pass through any more stages of production or transformations
What are goods like food and clothing called?
Consumer goods
What are tools, implements, and machines used in the production process called?
Capital goods
What is the definition of a final good?
A final good is an item meant for final use and will not pass through any more stages of production or transformations.
What is the difference between consumption goods and capital goods?
Consumption goods are goods and services that are consumed when purchased by their ultimate consumers while capital goods are tools, implements, and machines that are used in the production process but do not get transformed in the production process.
What is the importance of capital goods in the production process?
Capital goods are the crucial backbone of any production process, aiding and enabling the production to take place. They form a part of capital, one of the crucial factors of production, that is invested in by a productive enterprise and are gradually replaced over time.
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