Chris Walton, Aayushree Dhakal, Brandee Robertson
Define Consumer Goods
Consumer Goods are goods bought and used by consumers, rather than by manufacturers for producing other goods.
Explain the three types of consumer goods: durable goods, non-durable goods, and services
Durable goods : Durable good is a good that does not quickly wear out, one that yields utility over time rather than being completely consumed in one use. Items such as bricks could be completely durable good because they will never wear out. Some example of daily usable durable goods are : cars, washing machine, ovens, refrigerators. some examples of durable goods that are not daily useful are : granite and hammer. Aayushree dhakal
Non- durable : A good which is immediately used by a consumer or which has an expected lifespan of three years or less. Many office supplies such as pens and inks are non durable goods. Though non-durable goods have less lifespan, many of them are very usefull and essential for surviving. Food and clothing are major examples of non- durable goods. Gasoline and plants are also examples of non- durable goods. Aayushree Dhakal
Services: Service is the action of helping or doing work for someone. Service is an important part in the field of consumer goods. Consumer Intangible products provided for costumers such as transportation and food services. They can't be touched. Health services and housing service are some example.
How do Consumer Goods Impact the Economy
Consumer goods impact the economy by providing everyday wants and needs to the people in the community, and by consuming and producing these goods the economy will become a lot stronger.
Examples of diffrent goods in the Local Marketplace
Durable goods are goods like clothes and tools, non durable goods are goods like food and other goods that can be used only once, services are products that are performed in exchanged for money.
The Importance of Consumer Goods
The measurement of consumer goods sales is important in the assessment of gross domestic product and in determining the health of the overall economy. They also helps to lift a company's gross sales. Consumer gives feedback on the basis of the good they get. This gives a clear vision of the product that the company sold out.
Analysis and Summary of the Following Article http://www.economist.com/node/14259150
The article talked about how many people thought that consumer goods such as soap and toilet paper were recession proof, but recently many companies such as Kleenex and bounty's sales have gone down recently with the most being 18% by P&G.
"Consumer Goods Definition | Investopedia." 2010. 11 Dec. 2014 <http://www.investopedia.com/terms/c/consumer-goods.asp>