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Summary basic concept of macroeconomics
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basic concept of economy covers the topics from classifications of goods to intersectoral interdependence in economy
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Basic concepts of Macro-EconomicsClassification of goods.
Consumer goods: Are those goods which directly satisfy human wants.
Types of consumer goods
a) Single- use or non-durable or perishable – those goods which are used up in
a single act of consumption
b) Semi-durable – those goods which can be used for a period of one year or
slightly more. These goods are not of a very high value
c)Durable – those goods which can be used for several years and are of
relatively high value.
Producer good: Are those good which help in the further production of goods.
Types of producer goods
a) Single – use or non-durable – those goods which are used up in the process
of production
b) Durable (Capital goods) – those goods which can be repeatedly used in the
process of production without much loss in its utility. These goods are of
relatively high value.
1
, INTERMEDIATE AND FINAL GOODS
Intermediate goods: Are those goods which are procured from other
firms either for further processing or resale ‘
OR
Those goods which are inside the production boundary, not available to
the final user (consumer or producer), value addition take place and is
not included in national income.
Final goods: Are those goods which are used for final consumption and
final investment.
OR
Those goods which are outside the production boundary, available to
the final user (consumer or producer), value addition does not take
place and is included in national income.
Service: Intangible objects or non-material goods which directly satisfy
human wants.
Note
1. Classification of goods are on the basis of end use classification or on the
basis of usage
2
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