INTERMEDIATE GOOD: A good (or service) that is used as an input or component in the production of another good. Intermediate goods are combined into the production of finished products, or what are termed final goods. Intermediate goods will be further processed before sold as final goods. Because gross domestic product seeks to measure the market value of final goods, and because the value of intermediate goods are included in the value of final goods, market transactions that capture the value of intermediate goods are not included separately in gross domestic product. To do so would create the problem of double counting.

     See also | goods | services | final good | gross domestic product | market | double counting |

INTERMEDIATE GOOD, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 15, 2018].

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A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.

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