Question

What is the difference between industrial goods and consumer goods? What is an example of a consumer good that you could also use as an industrial good to start a business?

Answer 1

Answer:The answer is production

Explanation:

Production can be defined as the creation of utilities needed to satisfy human wants. It is a transformation of raw materials into finished goods and the distribution and provision of goods and services to satisfy human wants. Production is said to be complete when the goods are finally in the hands of the users or consumers Who will consume the goods.

Goods can be divided into two namely:

Consumer good : consumer goods are the goods that can satisfy the consumer immediate wants. These goods do not need further process of production for their use by the consumer. Examples of consumer goods are milk, bread, beer.

Industrial good : industrial goods are the goods meant for the production of further goods.Examples are machines, cars, truck used in carrying out productive activities.

Raw materials are the examples of consumer goods that can be used as industrial goods to start a business. These raw materials are put together into finished goods through human effort with or without the help of machines. The raw materials are needed to produce goods without raw materials production of goods is impossible to achieve.