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Consumer Goods

In economics, any commodity which is produced and subsequently consumed by the consumer, to satisfy its current wants or needs, is a consumer good . Consumer goods are goods that are ultimately consumed rather than used in the production of another good. For example, a microwave oven or a bicycle which is sold to a consumer is a final good or consumer good, whereas the components which are sold to be used in those goods are called intermediate goods. For example, textiles or transistors which can be used to make some further goods. Consumer durable goods usually have a significant life span which tends to be a minimum of 1 or 2 year based on guarantee or warranty period and maximum life depends upon the durability of the product or good.