The items that consumers buy are called ...a)Private propertyb)Factors...
The items that consumers buy are called consumer goods.
Consumer goods are products that are purchased by individuals or households for personal use or consumption. These goods are the end result of the production process and are intended to satisfy the wants and needs of consumers.
Consumer goods can be categorized into two broad categories:
1. Durable goods: Durable goods are products that have a long lifespan and are used over an extended period of time. Examples of durable goods include cars, furniture, appliances, and electronics. These goods are typically more expensive and require a larger investment from consumers.
2. Non-durable goods: Non-durable goods are products that are consumed or used up relatively quickly. Examples of non-durable goods include food, beverages, toiletries, and clothing. These goods are typically less expensive and are purchased more frequently by consumers.
Consumer goods can further be classified into different categories based on their characteristics and usage:
1. Convenience goods: Convenience goods are products that are purchased frequently, with minimal effort, and with little comparison or shopping around. Examples of convenience goods include everyday household items such as bread, milk, and toothpaste.
2. Shopping goods: Shopping goods are products that consumers compare and evaluate before making a purchase decision. These goods may be more expensive and require more research and consideration. Examples of shopping goods include clothing, electronics, and furniture.
3. Specialty goods: Specialty goods are products that are unique or have specific qualities that make them desirable to a certain group of consumers. These goods are often associated with a particular brand or manufacturer. Examples of specialty goods include luxury items such as designer clothing, high-end watches, and sports cars.
4. Unsought goods: Unsought goods are products that consumers do not actively seek out or consider purchasing. These goods may require aggressive marketing and promotion to generate consumer interest. Examples of unsought goods include funeral services, insurance policies, and certain medical treatments.
In conclusion, consumer goods are the items that individuals or households purchase for personal use or consumption. These goods can be categorized into durable goods and non-durable goods, as well as convenience goods, shopping goods, specialty goods, and unsought goods. Understanding consumer goods is essential for marketers and businesses to effectively target and satisfy consumer needs and preferences.