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: -There are three categories of consumer spending: durable goods, nondurable goods, and services. Durable goods are things that last a long time, such as TVs, computers, cell phones, cars, and bicycles. Nondurable goods include things that don’t last very long, such as food, fuel, and clothing.

Detailed explanation-3: -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.

Detailed explanation-4: -Consumer purchases refer to items used in daily living (e.g., clothing, food, electronics, appliances). They are the purchases that most intimately frame your life: you live with these items and use them every day.

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