Intermediate and Final Goods - Explained
What are Intermediate and Final Goods?
Written by J. Mance Gordon
Updated at April 23rd, 2024
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What are Intermediate Goods?
Intermediate goods are those that in the construction or development process prior to becoming finished or final goods. Further, intermediate goods have undergone some form of transformation from being simply raw materials.
What are Final Goods?
Final goods are those that have completed the manufacturing process and are ready for sale or use.
Related Topics
- Macroeconomics
- Macroeconomic Frameworks
- Macroeconomic Policy Tools
- Productivity Economics
- One-Third Rule
- Gross Domestic Product (GDP)
- Durable and Non-Durable Goods
- Weightless Economy
- Intermediate and Final Goods or Services
- Nominal GDP
- Converting Nominal to Real GDP
- GDP Inflator
- Nominal GDP Price Index
- Measuring GDP
- Gross National Product
- Net National Product
- Factor Income
- Gross National Income
- Expenditure Method
- The Problem of Double Counting GDP
- Double Counting
- Why is Tracking Real GDP Important?
- Convert Currencies with Exchange Rates
- Convert GDP to a Common Currency
- Per Capita GDP
- GDP Per Capita
- GDP as a Measure of Society Well-Being
- Limitations of GDP as a Measure of the Standard of Living