A(n) good or service is the one that is sold to the end user and is not used to produce another product for subsequent sale.
Question
A(n) good or service is the one that is sold to the end user and is not used to produce another product for subsequent sale.
Solution
The term you are looking for is "final good" or "consumer good."
Explanation
A final good is a product that is purchased by the end user for consumption, rather than for the purpose of resale or further production. This category can include everyday items such as food, clothing, and electronics. They differ from intermediate goods, which are products used to produce other goods. For instance, flour is an intermediate good used to make bread, which is a final good purchased by consumers.
The distinction is important in economics, particularly in the calculation of Gross Domestic Product (GDP), because only final goods are counted to avoid double counting. This concept ensures that the economic output accurately reflects the value of goods and services available for consumption in the economy. Understanding the difference between intermediate and final goods helps in analyzing economic data and guiding business strategies.
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