What do you mean by consumer goods?

Question

Answer

Consumer goods are products bought for consumption by the average consumer. Alternatively called final goods, consumer goods are the end result of production and manufacturing and are what a consumer will see stocked on the store shelf. Clothing, food, and jewelry are all examples of consumer goods.

Answer

Goods bought and used by consumers, rather than by manufacturers for producing other goods. it is used by the consumer to satisfy current wants or needs, rather than to produce another good. A microwave oven or a bicycle is a final good, whereas the parts purchased to manufacture it are intermediate goods

Answer

**Consumer Goods: Explained in Detail**

Consumer goods refer to the products that are purchased by individuals for personal use or consumption. These goods are commonly seen in the market and are often the end result of the production process. They are produced and marketed to satisfy the needs and wants of consumers.

**Categories of Consumer Goods**
Consumer goods can be broadly categorized into three main types:

1. **Convenience Goods:** Convenience goods are low-priced, frequently purchased products that require minimal effort in the purchasing process. These goods are easily available and do not require much consideration or research before purchase. Examples of convenience goods include everyday items like toiletries, snacks, and cleaning supplies.

2. **Shopping Goods:** Shopping goods are higher-priced items that consumers typically spend more time comparing and evaluating before making a purchase. These goods are usually less frequently purchased and often require more thought and consideration. Examples of shopping goods include appliances, furniture, and electronics.

3. **Specialty Goods:** Specialty goods are unique, high-priced products that are not commonly found in regular stores. Consumers actively seek out these goods and are willing to make a special effort to purchase them. Specialty goods are often associated with luxury or exclusive brands and include items like designer clothing, luxury cars, and high-end jewelry.

**Characteristics of Consumer Goods**
Consumer goods possess several characteristics that differentiate them from other types of goods:

1. **Tangible Nature:** Consumer goods are physical products that can be seen, touched, and felt. They are tangible items that consumers can physically interact with.

2. **Direct Consumer Use:** Consumer goods are intended for direct use by individuals. They are not used as inputs in the production of other goods or services.

3. **Limited Lifespan:** Consumer goods have a limited lifespan and are typically used until they are consumed or worn out. They are not meant to be used for an extended period.

4. **Varied Demand:** The demand for consumer goods can vary based on factors such as price, quality, brand reputation, and consumer preferences. Consumer behavior and buying patterns influence the demand for these goods.

5. **Wide Range of Prices:** Consumer goods are available at various price points to cater to different income levels and consumer segments.

In conclusion, consumer goods are products that are purchased by individuals for personal use or consumption. They can be categorized into convenience goods, shopping goods, and specialty goods. Consumer goods are tangible, intended for direct use, have a limited lifespan, and possess varied demand and prices.

Answer

Similar Commerce Doubts

What do you mean by concept of consumer's equilibrium?

What do you mean by intermediate goods ?

What do you understand by consumer equilibrium ? Show consumer ' s equilibrium with the help of indifference curve analysis?

Do you consider yourself a consumer?why?

A consumer has total money income of rupees 500 to be spent on the two goods X and Y with prices of rupees 50 and rupees 10 per unit respectively.on the basis of given information find out how many units the consumer buy,if he spend all his money income on good X?

Top Courses for CommerceView all

Chapter Notes for Commerce

Economics Class 12

Economics Class 11

NCERT Books & Solutions for Commerce

Economics for CBSE Class 12 Board Examinations

Top Courses for Commerce

Top Courses for Commerce

Suggested Free Tests

Related Content

Commerce Courses

Other Courses

How To Prepare?

Related Exams

Company