Question
Define the following :
i) Producer goods
ii) Capital goods
iii) Consumer goods
iv) Intermediate goods
i) Producer goods
ii) Capital goods
iii) Consumer goods
iv) Intermediate goods
Answer
1. Producer goods- goods used to purchase other goods
2. Capital goods- goods used in the production process e.g. machinery /buildings etc
3. Consumer goods- Final products used by consumers both goods /services
4. Intermediate goods- used in the production process to become part of the final product e.g. raw materials
2. Capital goods- goods used in the production process e.g. machinery /buildings etc
3. Consumer goods- Final products used by consumers both goods /services
4. Intermediate goods- used in the production process to become part of the final product e.g. raw materials
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