consumer goods

Goods, such as food and clothing, that satisfy human wants through their direct consumption or use.

Goods bought for personal or household use, as distinguished from Capital Goods or producer's goods, which are used to produce other goods. The general economic meaning of consumer goods encompasses consumer services. Thus the market basket on which the Consumer Price Index is based includes clothing, food, and other goods as well as utilities, entertainment, and other services.

Merchandise made to be used by the consumer for personal use; also called consumer products. Such items as food and clothing are considered to be consumer goods. Automobiles are likewise consumer goods, but the chrome sold to the automobile manufacturer for use on an automobile is not. (The chrome would come under the category of industrial goods.) Consumer goods are further classified as nondurables and durables, soft goods and hard goods, and packaged goods.

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Goods which are "used or bought for use primarily for personal, family, or household purposes." U.C.C. §9-109. "Consumer goods" is one of four categories of goods distinguished by the Uniform Commercial Code; the classifications are important for such purposes as determining the rights of persons who buy goods subject to a security interest, rights after a default, and rights among those with conflicting security interests in the same collateral. Thus, consumer goods are to be distinguished from equipment, which are goods used or bought for use primarily in business; from farm products, which are goods in the possession of one engaged in a farming operation "if they are crops or livestock or supplies used or produced in farming operations or if they are products of crops or livestock in their unmanufactured states" and from inventory, which are goods held for sale. U.C.C. §9-109. The classification of goods is determined by its primary use.

Goods, such as food and clothing, that satisfy human wants through their consumption or use. (Compare capital goods.)

"Consumer goods" redirects here. For the band, see The Consumer Goods.

In economics final goods are goods that are ultimately consumed rather than used in the production of another good. For example, a car sold to a consumer is a final good; the components such as tires sold to the car manufacturer are not; they are intermediate goods used to make the final good.

When used in measures of national income and output the term final goods only includes new goods. For instance, the GDP excludes items counted in an earlier year to prevent double counting of production based on resales of the same item second and third hand. In this context the economic definition of goods includes what are commonly known as services.

Consumer goods are final goods specifically intended for the mass market. For instance, consumer goods do not include investment assets, like precious antiques, even though these antiques are final goods.

Manufactured goods are goods that have been processed by way of machinery. As such, they are the opposite of raw materials, but include intermediate goods as well as final goods.

v • d • e Types of goods public good - private good - common good - common-pool resource - club good - anti-rival good (non-)rivalrous good and (non-)excludable good complementary good vs. substitute good free good vs. positional good (non-)durable good - intermediate good (producer good) - final good - capital good inferior good - normal good - Neutral good - ordinary good - Giffen good - luxury good - Veblen good - superior good search good - (post-)experience good - credence good merit good - demerit good composite good intangible good

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