ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -consumption. Durable goods are generally defined as those whose expected lifetime is greater than three years, and spending on durable goods is much more volatile than spending in the other two categories. Services include a broad range of items including telephone and utility service, legal and…

Detailed explanation-2: -Private consumption encompasses services, non-durable goods, semi-durable goods and durable goods. Durable goods typically have an expected lifetime of more than three years, whereas semi-durables and non-durables have a shorter lifetime.

Detailed explanation-3: -Consumer durables, also known as durable goods, are goods that do not need to be purchased very often and last for at least three years. Economists keep a close eye on the consumption of consumer durables, as it is considered a good indicator of the strength of the economy.

Detailed explanation-4: -Consumer durable goods are the items bought by households and individuals that last three years or more. 1 They include automobiles, appliances, furniture, tableware, tools and equipment, sports equipment, luggage, telephones, electronics, musical instruments, books, and jewelry.

Detailed explanation-5: -Consumer products, also referred to as final goods, are products that are bought by individuals or households for personal use. In other words, consumer products are goods that are bought for consumption by the average consumer.