Which of the following would be considered a final good?

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BlackTom AI · Accepted Answer

Question restatement: Which of the following would be considered a final good?

Option 1: A farmer purchases fertilizer for his crops.
- Analysis: Fertilizer is an input used to produce crops. It is not the end consumer good, but rather an intermediate good that will circulate in the production process. This makes it a non-final good in typical national accounts, since its value is embedded in the final product (the crops).

Option 2: An artist purchases a new canvas on which she will paint her next masterpiece.
- Analysis: The empty canvas is an input used in the creation of a future artwork. It functions as a capital or intermediate good in this context, since the canvas itself is intended to be transformed into a final artistic work. Therefore, it is not a final consumer good.

Option 3: A hotdog vender purchases a case of hotdogs.
- Analysis: Hotdogs purchased by a vendor are typically inputs for selling to customers. While hotdogs may eventually be consumed, in this context they are a component of the vendor’s saleable product and act as an intermediate input rather than a final consumer good. This makes them an intermediate good for the purpose of this question.

Option 4: A student buys a burrito for lunch.
- Analysis: The burrito is purchased for immediate consumption by the end user, the student. It is not used to produce another good or service, which characterizes it as a final good intended for final consumption by households.

Summary interpretation (without stating which is correct): The classification hinges on whether the item is a finished good intended for end use by the consumer (final good) or an input used to produce another good or service (intermediate good). In many standard examples, consumables purchased for immediate use by a consumer are final goods, while inputs used in production are not. The burrito clearly serves as an end product for consumption, whereas fertilizer, canvas, and case of hotdogs function as inputs within production chains.

Note: If you are teaching or testing understanding of final vs intermediate goods, this distinction is key: final goods are those consumed by the end user, while intermediate goods are used to produce other goods or services. The items in Options 1–3 illustrate intermediate goods or inputs, and Option 4 illustrates a final good meant for immediate consumption.

ECON 2002.01 SP2025 (25230) Quiz 4

Which of the following would be considered a final good?

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