What are consumer goods?

Consumer goods are finished products bought by individual buyers for their use. Also called final goods or retail goods, consumer goods are the end result of production and manufacturing. Clothing, food products, and appliances are all common consumer goods. Consumer goods are broadly categorized as durable, non-durable, and service goods.

Are all intermediate goods a component of the final product?

Inevitably, all intermediate goods are either a component of the final product or completely reconfigured during the production process. Consider a farmer who grows wheat. The farmer sells his crop to a miller for $100, giving the farmer $100 in value. The miller breaks down the wheat to make flour, a secondary intermediate good.

What are the different types of consumer goods?

Also called final goods or retail goods, consumer goods are the end result of production and manufacturing. Clothing, food products, and appliances are all common consumer goods. Consumer goods are broadly categorized as durable, non-durable, and service goods. Non-durable goods include such essentials as food and clothing.