ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Consumer products, also referred to as final goods, are products that are bought by individuals or households for personal use.

Detailed explanation-2: -There are four types of products and each is classified based on consumer habits, price, and product characteristics: convenience goods, shopping goods, specialty products, and unsought goods.

Detailed explanation-3: -Products that are bought by the end user are called consumer products. They include electric razors, sandwiches, cars, stereos, magazines, and houses.

Detailed explanation-4: -A product is any item or service you sell to serve a customer’s need or want. They can be physical or virtual. Physical products include durable goods (like cars, furniture, and computers) and nondurable goods (like food and beverages).

Detailed explanation-5: -They can be split into durable consumer goods, and non-durable consumer goods. Durable goods are those that we are able to consume over a long period of time. For example, fridges, microwaves, and motor vehicles are all durable consumer goods.