Final and Intermediate Goods (Grade 11 NSC Matric Economics): Flashcards
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Economic goods
Economic goods
Useful items that are scarce & require effort to obtain
Free goods
Free goods
Naturally abundant items requiring no effort (e.g., air)
Intermediate goods
Intermediate goods
Items used to create other products
Final goods
Final goods
Products that reach the end consumer & won't be resold
Sugar: final vs intermediate good
Sugar: final vs intermediate good
Final: home use; Intermediate: factory uses it to make biscuits
Household spending term
Household spending term
Consumption (C)
Business spending on equipment term
Business spending on equipment term
Investment spending (I)
Government spending term
Government spending term
Government expenditure (G)
Foreign sector buying SA products term
Foreign sector buying SA products term
Exports (X)
Factor markets
Factor markets
Where households sell labour, land & resources to firms