ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Common examples of these are food, beverages, clothing, shoes, and gasoline. Consumer services are intangible products or actions that are typically produced and consumed simultaneously. Common examples of consumer services are haircuts, auto repairs, and landscaping.

Detailed explanation-2: -Capital goods are any tangible asset used by a business to produce goods or services for consumer goods or for use by other businesses. They are generally durable goods that can be used more than once. The most common capital goods are property, plants, and equipment (PPE).

Detailed explanation-3: -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-4: -There are four different types of goods in economics, which can be classified based on excludability and rivalrousness: private goods, public goods, common resources, and club goods.

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