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. In other words, consumer products are goods that are bought for consumption by the average consumer.

Detailed explanation-2: -Consumer goods are products bought for consumption by the average consumer. Also called final goods, consumer goods are the end result of production and manufacturing. Clothing, food products, and dishwashers are examples of common consumer goods.

Detailed explanation-3: -Examples of consumer goods include food, clothing, vehicles, electronics, and appliances. Consumer goods fall into three categories: durable goods, nondurable goods, and services. Durable goods have a lifespan of more than three years and include motor vehicles, appliances, and furniture.

Detailed explanation-4: -All the basic needs like food, clothing and shelter they produced for their own and their family’s consumption. Hence, the producers were producing goods for their self-consumption. Thus, they were called as direct consumers or direct producers also.

Detailed explanation-5: -Convenience goods. Shopping goods. Unsought goods. Specialty goods.