Test Your Commodity Selling Savvy

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Download our mobile app to listen on the go

Get App

Questions and Answers

Which of the following is true about final goods?

They are goods that are not counted as inputs to which economic value addition can take place
They are goods that are meant for final use and will not pass through any more stages of production or transformations (correct)
They are goods that are used in further production and lose their specific characteristics
They are goods that have undergone transformation in the production process

What are goods like food and clothing called?

Final goods
Capital goods
Intermediate goods
Consumer goods (correct)

What are tools, implements, and machines used in the production process called?

Capital goods (correct)
Intermediate goods
Final goods
Consumer 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. Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers

Flashcards are hidden until you start studying