Question

An example of final goods in national income accounts would be:

a. New lawn mowers purchased by Cut-Rite Lawn Equipment & Supplies.
b. Flowers and pots purchased by homeowner Joe Smith.
c. Chemicals purchased by Green Grass Lawn Services.

Answer 1

Final goods are goods that are ready for consumption or use. An example of a final good would be new lawn mowers purchased by Cut-Rite Lawn Equipment & Supplies in national income accounts.

Step-by-step explanation:

Final goods are goods at the furthest stage of production, which means they are ready for consumption or use. In national income accounts, these goods are counted as part of the GDP (Gross Domestic Product) calculation.

An example of a final good would be new lawn mowers purchased by Cut-Rite Lawn Equipment & Supplies. These lawn mowers are ready for sale and are not used to produce other goods.