Goods that are brought not for meeting the immediate need of the consumer but for producing other goods are called _______.

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  1. Consumer Goods
  2. Capital Goods
  3. Consumption Goods
  4. Final Goods

Answer (Detailed Solution Below)

Option 2 : Capital Goods
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Detailed Solution

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The correct answer is Capital Goods.

  • Capital goods:- Goods that are bought not for meeting the immediate need of the consumer but for producing other goods

Key Points

  • Capital goods:- Goods that are bought not for meeting the immediate need of the consumer but for producing other goods
  • Final goods:- These are those which are used for:
    • Personal consumption (like bread purchased by consumer household), or
    •  Investment or capital formation (like building, machinery purchased by a firm)
  • Intermediate goods:- These are those, which are used for:
    •   Further processing (like sugar used for making sweets), or
    •   Resale in the same year (If car purchased by a car dealer for resale).
  • Consumption goods:- Those goods which satisfy the wants of consumers directly.
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