Question : Goods which are meant either for consumption or for investment are called
Option 1: final goods
Option 2: giffen goods
Option 3: inferior goods
Option 4: intermediate goods
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Correct Answer: final goods
Solution : The correct option is final goods .
Final goods are products ready for direct use by consumers or businesses and no longer in production. They satisfy immediate needs or wants. There are two types of final goods:
- (a) Consumer goods: directly consumed by individuals, like food, clothing, electronics and automobiles.
- (b) Capital goods: used by businesses to produce other goods and services.
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