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Define Or Explain the Following Concept: Final Goods - Economics

Short Note

Define or explain the following concept:

Final goods

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Solution

Final goods refer to those goods and services that are meant for final consumption by the consumers. In other words, such goods are ready for final use. This implies that they need not pass through any further stage of production i.e. no further transformation is required for these goods to make them consumable. Such goods have already crossed the boundary line of production.

Concept: Concept of National Income
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APPEARS IN

Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 9 National Income
Exercise | Q 1.1 | Page 79
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