Which of the following goods needs further transformation in the economic process?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. Intermediate goods.
Intermediate goods are the goods that need further transformation in the economic process.
They are products used as inputs in the production of other goods or services. These goods are not final products but are utilized to create final goods that are ready for consumption. Examples of intermediate goods include:
- Steel is used in car manufacturing.
- Flour is used in baking bread.
- The wood is used in making furniture.