ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -This statement is TRUE. There are two types of goods. The first is consumer goods, which are consumed by individuals in order to increase utility. The second is capital goods, which are used in the production of other goods.

Detailed explanation-2: -The purpose of capital goods is to help produce other products. They are meant to be used for production, while consumer goods are bought for personal and final consumption.

Detailed explanation-3: -Capital Resources (capital goods) Goods made by people and used to produce other goods and services (machines and factories).

Detailed explanation-4: -Key Takeaways Intermediate goods are products that are used in the production process to make other goods, which are ultimately sold to consumers. The intermediate goods are sold industry-to-industry for resale or to produce other products.

Detailed explanation-5: -Consumer goods are products that are purchased for personal use. Producer goods are those that are used by a company to produce more of its own goods. An example of a producer good would be a factory, warehouse, or even an office building.