ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -Other examples: Tires that a consumer buys to replace the worn tires on her car are final goods. The same tires, if bought instead by an automaker, would be intermediate inputs for new cars. Electric power to your home is a service for a final user.

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.

Detailed explanation-4: -Final goods are referred to as those goods that do not require further processing. These goods are also known as consumer goods and are produced for the purpose of direct consumption by the end consumer.

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