Eco-This was taken from economics past papers, page no-???, #ECO
What are consumer goods:
Consumer goods are products made for personal use by individuals or households, rather than for businesses or industries. These are items that people buy to satisfy their immediate wants and needs. Consumer goods are meant for direct consumption rather than to be used in further production of other goods, making them different from capital goods (like machinery) used by businesses.
Here are the different types of consumer goods:
Durable Goods: These are long-lasting products that people can use repeatedly over time. Examples include cars, furniture, and household appliances. Durable goods are generally used for more than three years, providing extended value and usage for consumers.
Nondurable Goods: These are items that are quickly consumed and must be purchased regularly. Food, beverages, toiletries, and paper products are all examples of nondurable goods. They tend to have a short lifespan, often lasting only a few minutes to a few months.
Services: Although not physical items, services are also considered consumer goods since they satisfy consumer needs. Examples include healthcare, education, entertainment, and repairs. Unlike tangible goods, services are used up at the time of delivery and often cannot be stored or owned.
THE END
1. Explain how an economic downturn might affect consumer spending on durable goods compared to nondurable goods. Why might consumers prioritize one type over the other during tough financial times?
2. Discuss how advancements in technology have impacted the durability and lifespan of certain consumer goods. Can you provide examples of products that have become more durable or less durable as a result of technological change?
3. How might the demand for services differ in urban areas compared to rural areas? Give examples of specific services and explain why demand might vary based on location.
4. Consider a company that produces both durable and nondurable goods. How might their marketing strategies differ for each type, and why?
5. Discuss the environmental impact of nondurable goods and suggest ways consumers and companies can reduce waste associated with these items. Provide examples of sustainable alternatives.