What are the two main categories of final goods?
Understand the Problem
The question is asking about the classification of final goods in economics, specifically identifying the two main categories into which they are divided.
Answer
Consumer goods and producer (capital) goods.
The two main categories of final goods are consumer goods and producer (or capital) goods.
Answer for screen readers
The two main categories of final goods are consumer goods and producer (or capital) goods.
More Information
Final goods are classified into two categories based on their use. Consumer goods are directly used by consumers, such as food or clothing. Producer goods, also known as capital goods, are used in the production of other goods, such as machinery or equipment.
Sources
- What are the two types of final goods? - BYJU'S - byjus.com
- Meaning, Final Good, GDP, Example and FAQs - Vedantu - vedantu.com
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