Final goods and services are products that are purchased by end-users for consumption, investment, government spending, or exports. They are ready for use and do not require further processing.
Think of final goods and services as a finished product that you buy at a store. Just like when you purchase a fully assembled bicycle instead of individual parts, final goods and services are ready-made items that consumers can directly use.
Intermediate Goods: These are goods used in the production process but not sold directly to consumers. They become part of another product before reaching the final consumer.
Durable Goods: Durable goods are products with a long lifespan, such as cars or furniture, which provide utility over an extended period.
Non-Durable Goods: Non-durable goods have a short lifespan and get consumed quickly, like food or toiletries.
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