Goods which are of durable character which are used in the production process are called ________.

The correct answer is Capital Goods.

Key Points

• - Capital goods are durable goods used in the production process, such as machinery, tools, and equipment.
• - These goods are not meant for immediate consumption but are rather used to produce other goods or services.
• - Capital goods are considered an investment in a company's productive capacity and are often depreciated over time.
• - Examples of capital goods include manufacturing equipment, vehicles used for transportation of goods, and computer systems used for data analysis.

Additional Information

•  - Veblen goods are luxury goods that are in demand because of their high price and exclusivity, such as designer clothing and luxury cars.
• - Consumption goods are goods that are used for immediate satisfaction of wants and needs, such as food and clothing.
• - Complementary goods are goods that are used together, such as bread and butter or smartphones and phone cases

Solution Statement:
The correct answer is option 1. Capital goods are durable goods used in the production process and are not meant for immediate consumption. They are considered an investment in a company's productive capacity and examples include manufacturing equipment, vehicles used for transportation of goods, and computer systems used for data analysis. Veblen goods are luxury goods, consumption goods are goods used for immediate satisfaction of wants and needs, and complementary goods are goods used together.