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SubjectsEconomics
उपभोग वस्तुएँ, पूँजीगत वस्तुएँ, अंतिम वस्तुएँ और मध्यवर्ती वस्तुएँ
In Class 12 Economics, this topic from “National Income and Related Aggregates” explains how goods are classified according to their use and stage of production. Students learn to distinguish consumption goods from capital goods, and final goods from intermediate goods, using clear examples such as food bought by households, machinery used by firms, and raw materials used in production. The topic also shows why this distinction matters in national income accounting and how it helps prevent double counting while measuring an economy’s output.
TOPIC PRACTICE
Up to 2 questions from this page. Select your focus, then start.
A newly produced machine is a capital good because it helps produce other goods and services over time. When it is produced during the current year and purchased as final investment, its value is included in GDP under investment expenditure. Therefore option B is correct. A used machine was counted when first produced, while a gift or an item without value does not create current measured output.
The governing accounting principle is to avoid counting the value of an intermediate good again when it is embodied in a final good. Adding the full value of wheat and then the full value of flour, and later bread, repeats the same production value. Option A therefore causes double counting. Counting only final bread or summing value added avoids this error; used-good sales are normally excluded from current GDP.
QUIZ COMPLETE
