Products like foodstuffs, clothing, and services like entertainment, when purchased by their ultimate consumers, are called _____.
Consumption goods
Consumption goods is correct.
In national income accounting, goods like food and clothing and services like entertainment that are bought by their ultimate consumers for the direct satisfaction of wants are called consumption goods (consumer goods).
Final goods is the broader class that includes both consumption goods and capital goods. Capital goods such as machinery are used to produce other goods over many years, and intermediate goods are used up as inputs in further production.
Similar Questions
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Important Questions from National Income Accounting
- The ratio of nominal to real Gross Domestic Product is called :
Consider the following statements:
1. Statistics day is celebrated every year on 29th July.
2. National Statistical Commission was set up in 2004.
3. The base year of Consumer Price Index (Rural) is same as that of Consumer Price Index (Urban) i.e. 2012 = 100.
Which of the above statements is/are false?- The value of the gross investment in order to accommodate regular wear and tear of capital is called:
- In India, National Income is computed by:
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