Sunday, December 09, 2007

Final good

Consumer goods redirect here, There is also a band called The Consumer Goods.
In economics final goods are goods that are finally consumed rather than used in the production of another good. For example, a car sold to a consumer is a final good; the apparatus such as tires sold to the car manufacturer are not; they are intermediate goods used to make the final good.

When used in measures of national income and output the term final goods only include new goods. For instance, the GDP excludes items counted in an earlier year to prevent double counting of production based on resale of the same item second and third hand.

Consumer goods are accurately the same as final goods, but with the restrained difference that they are specifically intended for the mass market. For instance, consumer goods do not include investment assets, like precious antiques; even though these substances are final goods. Manufactured goods are goods that have been process in any way. As such, they are the conflicting of raw materials, but include in-between goods as well as final goods.

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