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An example of an intermediate good is steel, which is used in the production of automobiles. While steel itself is not sold directly to consumers, it is a crucial component in the manufacturing process of finished products like cars. Other examples include flour used in baking or plastic used in packaging. These goods are essential for further processing or manufacturing before reaching the end consumer.
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What are the following is an example of a final good or service?
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.
What are the best rural small businesses to start?
The best way to answer that is, "What does my community need?" Look for a good or service that your community really needs. Then see if you can provide that good or service well and at a price that is lower than the current price for the good or service. If it looks like you can turn a good profit, that is what I would open a business for.
A what is a good or service owed to another?
Debt
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.
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.
What would be an example of an intermediate good?
An example of an intermediate good is steel used in the manufacturing of cars. Steel is not sold directly to consumers but is instead transformed into finished products, such as vehicles, through further processing and assembly. This distinguishes it from final goods, which are ready for consumer use.
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 an intermediate good and how does it contribute to the production process?
An example of an intermediate good is steel used in the manufacturing of cars. Intermediate goods are products that are used in the production of other goods or services. In this case, steel is essential in the production process of cars as it is used to make the car's frame, body, and other components. Without steel, the production of cars would not be possible, highlighting the crucial role of intermediate goods in the production process.
Is flour sold to a bakery a final good or intermediate good?
It would be an intermediate good because it will be used in the production of baked goods. It is only a final good if it is not part of the production process of something.
What are the following is an example of a final good or service?
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.
What is an example of something that self interest would not motivate consumers to provide in a free market?
Public goods: would be a shared good or service that is inefficient or impractical. An example would be roads or dams
Is a haircut an example of a final good or service?
Yes
What is an example of a collective good or service?
Food
Is car purchased by a taxi driver is final or intermediate good?
intermediate good
What would be a good age and breed for a horse small 11 year old rider who is intermediate?
Depends on how intermediate the rider is, and what discipline and style of riding they want to do
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.
