Final Goods: Definition, Classification - Byju's

Final goods are referred to as those goods that do not require further processing. These goods are also known as consumer goods and are ... CommerceListofCommerceArticlesFinalGoods Previous Next FinalGoods Finalgoodsarereferredtoasthosegoodsthatdonotrequirefurtherprocessing.Thesegoodsarealsoknownasconsumergoodsandareproducedforthepurposeofdirectconsumptionbytheendconsumer. Insimplewords,finalgoodsarecommoditiesthataremanufacturedbyacompanyforasubsequentconsumptionbytheconsumer.Thesegoodssatisfytheneedsorwantsofaconsumer. Finalgoodsconsistofthefollowing: Goodsthatarepurchasedbythehouseholdsaremeantforthefinalconsumption.Forexample,television,milk,readytoeatfoods,medicines,andmore. Italsoconsistsofthegoodsthatarepurchasedbythefirmsforinvestmentpurposesorforcapitalformation. ClassificationofFinalGoods Finalgoodscanbeclassifiedintothefollowingtwobroadparameters: Buyinghabits Durability Letusknowmoreindetailabouttheseparameters. Buyinghabits Thefollowingcategoriesoffinalgoodscanbeclassifiedbasedonthebuyinghabitsofaconsumer. 1.Conveniencegoods Conveniencegoodsarethosegoodsthatareavailableandregularlyconsumed.Examplesofsuchgoodsarethegoodsthatareregularlyusedsuchasmilk,bread,pulses,andmore. 2.Specialtygoods Specialtygoodsareconsumedbytheupperclassofthesociety,asthesearemostlygoodsthatprovideluxuryandareexpensive.Thesegoodsarenotanecessity;rather,thepurchaseismadebasedontheuser’sdesires.Examplesofsuchgoodsareantiquecars,jewellery,andmore. 3.Shoppinggoods Thesetypesofgoodsrequiremoreplanningontheconsumer’spartforpurchase,aredurableand,moreexpensivethantheconveniencegoods.Examplesofsuchgoodsarerefrigerators,televisions,laptops,andmore. 4.Unsoughtgoods Thesetypesofgoodsareavailableinthemarketbutarenotpurchasedoftenbytheconsumers.Examplesofsuchgoodsarefireextinguishers,snowjackets,andmore. Durability Basedonthedurabilityofgoods,therearethreetypesofgoods. Services Non-durablegoods Durablegoods Servicesareintangibleinnature,buttheyprovidesatisfactiontotheconsumers.Theyarevariableandinseparable.Examplesofserviceincludesalonservices,automobilerepairservices,andmore. Non-durablegoodsaregoodsthathaveafinitelifespanandaretobeconsumedassoonaspossible.Forexample,milk,beverages,andmore. Durablegoodsarethosegoodsthathaveahigherlifespanthannon-durablegoods.Forexample,cars,equipment,andmore. FinalGoodsandCalculationofGDP WhencalculatingtheGDP,onlythenewlyproducedgoodsandservicesareconsideredasfinalgoods.Itisdonetoavoidtherepeatedcountingofgoodsthatareusedpreviously. Thisconcludestheconceptoffinalgoods.Formoresuchinterestingconceptsoneconomicsforclass12,staytunedtoBYJU’S. AlsoSee: DifferenceBetweenFinalGoodsandIntermediateGoods DifferenceBetweenGoodsandServices DifferenceBetweenConsumptionGoodsandCapitalGoods IntermediateGoods CapitalGoods COMMERCERelatedLinks FWTaylorPrinciplesOfScientificManagement CBSEQuestionPaperForClass12Commerce AgriculturalDevelopment Class12AccountancyProject FunctionsOfMoney BusinessStudiesClass12Notes AccountancyClass11ImportantQuestions CBSEClass12EconomicsPaper EconomicReforms EmergingModesOfBusiness 1Comment Shreyas November26,2021at8:45pm Goodqualityofanswers Reply LeaveaCommentCancelreply YourMobilenumberandEmailidwillnotbepublished.Requiredfieldsaremarked* * SendOTP DidnotreceiveOTP? RequestOTPon VoiceCall * * Website * Grade/Exam Class1 Class2 Class3 Class4 Class5 Class6 Class7 Class8 Class9 Class10 Class11 Class12 IAS CAT BankExam * * PostComment JoinBYJU'SLearningProgram Grade/Exam Class1 Class2 Class3 Class4 Class5 Class6 Class7 Class8 Class9 Class10 Class11 Class12 IAS CAT BankExam GATE Submit × RegisterForFree Share Share Share CallUs RegisterwithBYJU'S&DownloadFreePDFs * SendOTP * * * * * Grade Class1 Class2 Class3 Class4 Class5 Class6 Class7 Class8 Class9 Class10 Class11 Class12 IAS CAT BankExam DownloadNow