ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Intermediate goods are vital to the production process, which is why they are also called producer goods. Industries sell these goods to each other for resale or to produce other goods.

Detailed explanation-2: -Capital Resources (capital goods) Goods made by people and used to produce other goods and services (machines and factories).

Detailed explanation-3: -Definition: A producer is someone who creates and supplies goods or services. Producers combine labor and capital-called factor inputs-to create-that is, to output-something else. Business firms are the main examples of producers and are usually what economists have in mind when talking about producers.

Detailed explanation-4: -Producer goods refer to the types of products used by producers in their production processes. They include capital goods (such as machinery, parts, and equipment), semi-finished products, and raw materials. Was this answer helpful?

Detailed explanation-5: -Production is the process of making or manufacturing goods and products from raw materials or components. In other words, production takes inputs and uses them to create an output which is fit for consumption – a good or product which has value to an end-user or customer.