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A final good or service is a product that is purchased by the end consumer for their own use, rather than for resale or further production. An example of a final good would be a smartphone bought by an individual. In contrast, a service like a haircut is also a final service, as it is delivered directly to the consumer for personal use.
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Is an example of a final good or service?
coffee beans a coffee shop purchases to make coffeethe wheat that a bakery purchases to make breada cake purchased from a bakery for a weddinglumber purchased by a construction company to use in building houses
What is a product intended for final use by an individual?
A consumer good is a product intended for final use by an individual.
What is an overhead?
An overhead is a cost that is not directly related to the production of a specific good or service but that is indirectly related to the production of several goods or services. For example, the cost of maintaining an office or factory - lighting, heating etc.
A what is a good or service owed to another?
Debt
How can a business offer both a good and a service at the same time?
A business can offer both a good and a service by creating a product that is complemented by a related service. For example, a company that sells fitness equipment may also provide personal training sessions to help customers use the equipment effectively. This combination enhances the customer experience, adding value and fostering loyalty. By integrating goods and services, businesses can meet diverse customer needs more effectively.
Is a haircut an example of a final good or service?
Yes
What is an example of a collective good or service?
Food
Difference between expenditure on final goods and expenditure on intermediate goods?
The difference between intermediate goods and final goods is in their nature. Intermediate goods are finished goods which can be used to make other good like wool. The final goods are sold to consumers like a woolen coat.
What is an example of a ritual?
A religious service (of any religion) is a good example of a ritual.
What is a example of a ritual?
A religious service (of any religion) is a good example of a ritual.
What is a goods market and a factor market?
Markets used to exchange final good or service.
Which of the following is a good example of a good with elastic supply in the short run?
Passenger Airplanes
What are some examples of superior goods?
A superior good is a good/service that you are more likely to purchase as your expendable income increases. Example: A New Car An inferior good is a good/service that you may purchase in substitute of a superior good when your expendable income is limited. Example: A Used Car
Which of the following is shown by the intersection of the supply curve and the demand curve?
the equilibrium price of a good or service
Is a self- serve gas station an example of a good or a service or both?
Goodgoodgoodsgood
What is a good example of customer service in Mcdonalds?
giving you extra napkins and straws.
What is an example of a final good or service?
coffee beans a coffee shop purchases to make coffeethe wheat that a bakery purchases to make breada cake purchased from a bakery for a weddinglumber purchased by a construction company to use in building houses
