Plus Two Economics- Macroeconomics- Chapter 2- National Income Accounting- Part -1 by Dr. PK SHAJI
Kalikam Samakalikam・2 minutes read
Music can be classified as either a capital good or a final good, with durable goods like refrigerators and cars being consumer goods that can be used repeatedly. Value addition is crucial in intermediate goods, with stock representing a quantity variable measured at a specific time point and flow being a quantity variable measured over a period of time.
Insights
- Music can be classified as either a capital good or a final good, distinguishing between tools for production and goods for end-use.
- The distinction between durable consumer goods and intermediate goods lies in the nature of value addition and the measurement of stock versus flow variables.
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Recent questions
What are examples of durable consumer goods?
Refrigerators, televisions, computers, and cars.
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Summary
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Classification of Goods in Economics
- Music can be classified as either a capital good or a final good, with tools being an example of the former and goods for final use representing the latter. Durable goods, such as refrigerators, televisions, computers, and cars, are consumer goods that can be used repeatedly over an extended period. Value addition is crucial in intermediate goods, with stock representing a quantity variable that can be measured at a specific point in time, while flow, like foreign exchange, is a quantity variable that can be measured over a period of time.
