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Chapter 2 : National Income Accounting - 1
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Final goods and intermediate goods explained

Rahul Shakya
Verified Educator,Made 500+ Free Public Administration Lessons,University Gold Medalist(Mech. Engg), 92.8% in 12th, Perfect Presence Awardee

U
Unacademy user
it's really helpful for me
Hello sir, according to you what is the reason that our country is not able to convert to raw product into finished product as we have enough raw material but we do not have efficient manufacturing sector and again what is the further reasons please suggest.
  1. Macroeconomics Class 12th Economics NCERT Summary BY RAHUL SHAKYA unacademy Macroeconomics


  2. ABOUT ME- MECHANICAL ENGINEERING STUDENT , UNIVERSITY TOPPER -12 WITH q2.8% (CBSE) UPSC CSE ASPIRANT 1 YEAR EXPERIENCE AS PHYSICS & CHEMISTRY TUTOR FOR 12th . LOVE TEACHING . RATE! REVIEW! RECOMMEND! www.UNACADEMY.COM/USER/RRAHUL007


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  4. Some basic Concepts of Macroeconomics Adam Smith - The Enquiry into the nature and cause of wealth of Nations . Africa & Latin America Endowed with good resources Still Poor . Switzerland No known mineral Deposit Still Rich The economic wealth, or well-being, of a country thus does not necessarily depend on the mere possession of resources, the point is how these resources are used in generating a flow of production and how, as a consequence, income and wealth are generated from that process


  5. Final Goods & Intermediate Goods Final Goods - Passes out of Active Economic Flow Intermediate Goods > Act as an Input to Final Goods Note: It is not the nature of the good but the Economic nature of use that decides whether good is Final or Intermediate


  6. Difference between Consumption Goods and Capital Goods > Consumption Goods Capital Goods Those goods that are consumed when purchased by ultimate consumer Those goods that act as crucial backbone f Production Process, in aiding & enabling the production Non-Durable Durable Undergo wear and tear Preservation, Maintenance and Repairing required