Question:medium
___________ goods are called as goods of first order.
___________ goods are called as goods of first order.
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Hierarchy of Goods in Economics:
- 1st Order \(\rightarrow\) Consumer Goods (Direct satisfaction).
- Higher Orders \(\rightarrow\) Producer Capital Goods (Indirect satisfaction through production).
- 1st Order \(\rightarrow\) Consumer Goods (Direct satisfaction).
- Higher Orders \(\rightarrow\) Producer Capital Goods (Indirect satisfaction through production).
Updated On: Jul 21, 2026
- Supply
- Consumer
- Transferability
- Durability
Show Solution
The Correct Option is B
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