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Naushad malik

· started a discussion

· 1 Months ago

4option (Question: 185986.0 )

Please describe me all 4 option

Question:

The goods which are meant either for consumption or for investment, are called  –

Options:
A) Final goods
B) Giffen goods
C) Inferior goods
D) Intermediate goods
Solution:
Ans:(a) All goods which are meant either for consumption by consumers or  for investment by firms are called final goods. They are meant for final use and the final use of a product is only for consumption or investment. Thus they do not undergo and further transformation (or change) in the production process nor are sold. 

Knowledge Expert

· commented

· 1 Months ago

Dear Student
Please refer this,

Final goods - In economics, any commodity which is produced and subsequently consumed by the consumer, to satisfy his current wants or needs, is a consumer good or final good.

Giffen goods - In economics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics.

Inferior goods - In economics, an inferior good is a good whose demand decreases when consumer income rises (or demand rises when consumer income decreases)

Intermediate goods - Intermediate goods or producer goods or semi-finished products are goods, such as partly finished goods, used as inputs in the production of other goods.

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