Producers' Good: Difference between revisions
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<blockquote>Indirectly serviceable means are called factors of production or producers' goods. Producers' | <blockquote>Indirectly serviceable means are called '''factors of production''' or '''producers' goods'''. Producers' [[good]]s that directly produce [[consumers' goods]] (goods of the first order) are called goods of the second order. Producers' goods that directly produce goods of the second order are called goods of the third order, and so on. As we progress in this manner, we move from lower-order goods to higher-order goods.<ref>Daniel James Sanchez, [http://mises.org/daily/5285/Mises-on-Action Mises on Action]</ref></blockquote> | ||
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[[Category:Economic concepts]] | |||
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Latest revision as of 23:04, 15 August 2011
Daniel Sanchez writes:
Indirectly serviceable means are called factors of production or producers' goods. Producers' goods that directly produce consumers' goods (goods of the first order) are called goods of the second order. Producers' goods that directly produce goods of the second order are called goods of the third order, and so on. As we progress in this manner, we move from lower-order goods to higher-order goods.[1]
- ↑ Daniel James Sanchez, Mises on Action