Samantha, Armides, Cole
Definition: Goods bought and used by consumers, includes durable goods, non durable goods, and services.
Durable goods: goods not for immediate consumption and able to be kept for a period of time.
Example: iPhones, Honda Accord, Dell laptop
Non durable goods: Goods that are immediately consumed in one use or ones that have a lifespan of less than 3 years
Example: Taco bell locos tacos, disposable camera
Services: Intangible economics goods, an activity provided by a producer
Example: plumbing, postal services, cable provider
How consumer goods impact the economy:
Goods impact the economy by stimulating it. People spend money on goods allowing company's to manufacturer and provide more products and services and expand their business, creating more jobs.
Importance of consumer goods:
People need to have consumer goods because they need products they can't make themselves. Company's provide necessities and luxuries that make life easier and more entertaining.
In the article "The Game has Changed', explain hows many big name brands are losing profit on many of their products, mainly because of huge retailers like, Wal-Mart, are starting to sell store name products. Although many big brand companies are pouring so much money into marketing by 25% they are only seeing about 9% of an increase which isn't enough to beat store brand name products. Ways like Wal-Mart is making money with their products is giving them more shelf space than the big brands, also by giving better deals on their products and improving the quality of theirs.
work cited: www.businessdictionary.com