intermediate products

intermediate products

the goods and services that are used as FACTOR INPUTS by firms in producing other goods or services. For example, steel is an intermediate good that has a variety of end-uses, including motor-car bodies, washing-machine shells, nuts and bolts, etc.

Intermediate products are not counted as part of gross national product in the NATIONAL INCOME ACCOUNTS where final goods and services are measured. See FINAL PRODUCTS, VALUE ADDED.

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