Define or explain the following concepts: 1) Final goods

Define or explain the following concepts:

1) Final goods

Answer:  

1) Final goods refer to those goods and services that are meant for final consumption by the consumers. In other words, such goods are ready for final use. This implies that they need not pass through any further stage of production i.e. no further transformation is required for these goods to make them consumable. Such goods have already crossed the boundary line of production.

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