ECONOMICS
GDP
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
tires purchased by Ford for use on one of their SUV’s
|
|
|
the new economics textbook you are using
|
|
|
the hair gels used by a hair stylist at the local hair salon
|
|
|
the taco shells purchased by Taco Bell for use in their tacos
|
Detailed explanation-1: -A final good or service is the product that is used by its final user. Normally, it is consumers who become the last users. A haircut is considered a final service.
Detailed explanation-2: -Final goods and services are those goods and services which are ultimately consumed by the consumer directly. No further processing is needed in case of final goods and services. Higher production leads to development of various sectors of the economy.
Detailed explanation-3: -Examples of final goods are bread, wine, cheese, television, mobile phones, petrol.
Detailed explanation-4: -Final goods are those goods which are purchased for final consumption. They are not meant for resale and is not processed further. It is sold as the final good to meet the needs and requirements of the consumers. Thus the bus purchased by the school can be considered as a final good.