What ultimately determines if a good is classified as an industrial good or a consumer good?

1 answer:

5 0

<h2>The component whether it is "ready to use or a raw material" ultimately decides whether it is a consumer good or industrial good.</h2>

Explanation:

Let us understand the terms:

Consumer goods:

Satisfy the need of the consumer
Ready for consumption
Also called final good
Eg. Clothing, drinks and food
Stocked on store shelves
There are 3 categories: Durable goods, non-durable goods, or consumer services.

Industrial goods:

At the most it will be raw materials, plants, machinery, etc
There are two types: production goods and support goods
Used for industrial and business use
Based on the demand and consumer need, industries prepare products with the help of raw materials.

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