Consumer Goods

By:Nick, Lucky, and Sam

What are Consumer Goods?

Consumer Goods are goods that are ready for consumption in satisfaction of human wants. they are the goods and services that consumers want but don't need to survive. they are products that are purchased for consumption by the average consumers.

The Three Types of Consumer Goods

Durable Goods

Goods such as household appliances, machinery, and sports equipment are durable goods. They are goods that can't be consumed or destroyed while being used. they can last for over a long period of time, usually for about a couple years.

Nondurable Goods

Nondurable goods are products that are consumed or are only used for a short period of time. they are used for a short period of time due to them being worn out or broke while being used. They are used to the point where they are useless to the consumer.

Services

Services are the performance of duties or the duties performed by a person. The person who is performing the service is doing a job or thing for another person. They in the end get paid for the service they did. Depending on the service it then depends on how much the person is going to get paid.

Examples in the Local Marketplace

Starbucks is an example of a consumer good because people go there to purchase a beverage or food that the consumer wants. People don't need it, they just want it. The Brand name is an attraction. They want it for the delicious taste it comes with.

How Consumers Goods Impact the Economy

If there is a product that consumers particularly like they will be willing to purchase the product. They must have the confidence that they have enough money and will to purchase the product. This makes a mark in the economy as it tells producers what the consumers like to purchase. If consumers have the confidence to purchase the item or product they willing to spend their own money.

The Importance of Consumer Goods

Burrow, Jim, and Jim Bosiljevac. Marketing. Mason, OH: South-Western Cengage Learning, 2009. Print.

Dictionary.com. Dictionary.com, n.d. Web. 26 Jan. 2015.

"Nondurable Goods Dictionary Definition | Nondurable Goods Defined."Nondurable Goods Dictionary Definition | Nondurable Goods Defined. N.p., n.d. Web. 26 Jan. 2015.

Dictionary.com. Dictionary.com, n.d. Web. 26 Jan. 2015.

"The Starbucks Tuition Program: A Good, Free-Market Start." Pocket Full Of Liberty. N.p., 17 June 2014. Web. 26 Jan. 2015.

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