All goods which are used as raw material for further production of other goods or for resale in the same year are called ____.

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Detailed Solution

All goods which are used as raw material for further production of other goods or for resale in the same year are called intermediate goods. An intermediate good is a product used to produce a final good or finished product. They are also referred to as consumer goods. They are commonly the end product of the primary sector and are used as raw materials for the secondary industry. The value of intermediate goods is not added to the GDP as it is already included in the value of final goods. If the value of intermediate goods is added during the GDP calculation, it raises the problem of double counting.

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