Consumer Goods
Frank, Kaivan, Matt, Peyton, and Charlie

Definition 0f Consumer Goods

Products that are purchased 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 on the store shelf. Clothing, food, automobiles and jewelry are all examples of consumer goods. Basic materials such as copper are not considered consumer goods because they must be transformed into usable products.

Explain the Three types of Consumer Goods

The first of the three types is durable goods. Durable goods are goods that are not used time around. Instead, they are used over time for multiple uses. Examples are cars, houses, and phones. The second type is non-durable goods. These goods are consumed immediately are in a short time. Examples are food and drink. The final type is services. These are provided by labor to achieve a job in exchange for goods. Examples are car washes, maids, personal trainers, and plumbers.

Examples in the Local Markets

Anything that people buy in local stores. For example, soap, food, games, shampoo, tooth paste, technology products, etc.

How Consumer Goods Impact The Economy

Prices in an economy fluctuate based on consumer's wants and needs. Customer satisfaction dictates the demand, and the store owners respond with supply. Consumer demand is not the driving force of the economy even though it accounts for 70% of the GDP.

The Importance of Consumer Goods

The importance of consumer goods is that without consumer goods people would not have the goods or services. Without it there would be no circullation of money.

Analysis and Summary of the following article:(

The market has changed so that consumer goods are no longer recession proof. Recently packaged goods have take down turn because people are buying goods online. Big name brands are reporting lower profits because they have less space to advertise on shelves.

Works Cited

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