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Types of goods
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This lesson discusses about different types of goods and the concept of quantitative assessment

Arpita Prakash
NCERTs series initiator at Unacademy 'Educator of the Month' for Feb'19 CBSE 0.1% Merit Certificate holder in Mathematics

Unacademy user
i am really impressed with your examples... how lucid your teaching method is ... huge respect for you mam .
thanks a lot mam for this wonderful course ....god bless u and please add all lessons soon and complete this course.....may god give you all thing in life.
thank you mam .. for your countless effort.. mam can u plz tell me how can I get pdf's of your lectures
thank you mam. 🙏🙏🙏
  1. - Consumption/ Consumer goods- consumed when purchased by ultimate consumers (including services) Eg- food, clothing, recreation Eg- tools, implements and machines Gradually undergo wear and tear; hence repaired or gradually replaced Capital goods- durable character, used in production process " Crucial backbone of any production processes- aid and enable production over time Consumer durables not extinguished by immediate or even short period consumption - Relatively long life as compared to articles like food / clothing . Undergo wear and tear with gradual use and often need repairs and replacement of parts (Eg machines) Need to be preserved, maintained and renewed - Eg Television sets, automobiles or home computers - All final goods & services produced in economy in given period of time- either consumption goods ( durable & non durable ) or capital goods

  2. . Intermediate Goods Mostly raw materials or inputs for production of other commodities Not final goods - Don't get used up in final consumption; not capital goods either May be used by other producers as material inputs - Eg: Steel sheets used for making automobiles & copper used for making utensils Quantitative assessment- measure of total final goods and services produced in economy common measuring rod-money o Sum total of monetary value of diverse commodities gives us a measure of final output Value of intermediate goods are already included in value of final goods Separate counting of intermediate goods will lead to error of DOUBLE COUNTING-high exaggeration of final value of our economic activity