One of my earliest managed projects was to develop a compiler for a Pascal-based system implementation language, along with a compatible relocatable assembler and linkage editor. Each of these pieces of tested software themselves were the final deliverables. The ready software for QA testing was another deliverable. Finally, to break the project down in various chunks, particularly where these pieces of software had to interact, there were deliverables of common functions/subroutines. And of course, so we could use something concrete to track project progress and assure completion, all other functions and subroutines became additional deliverables.
In construction, a deliverable might be a development. Some intermediate deliverables may include a fully completed home, a foundation on which to build the home, the home framing, the wiring, the plumbing, the painting, the carpeting, etc.
I think you get the picture. The deliverables are something physical and tangible that are produced and measured at regular intervals so you can track project progress with some certainty. Even R&D projects can have deliverables such as the experiments and trials which will be carried out.