What are consumer goods defined as?

Consumer goods are defined as products that are purchased by individuals to satisfy their immediate wants and needs. This category encompasses various items that consumers buy for personal use, such as food, clothing, electronics, and household items. Essentially, these goods are the end products that fulfill the desires of consumers, directly contributing to their day-to-day lives and well-being.

In contrast, options that describe goods used for production, services provided to individuals, or goods sold to other businesses refer to categories that serve different purposes within the economy. Goods used for production are known as capital goods and are essential for manufacturing other items. Services, on the other hand, are intangible offerings that provide value or benefit but do not result in ownership of a physical product. Goods sold to other businesses typically refer to intermediate goods or raw materials necessary for production processes in the production cycle, distinct from consumer goods aimed directly at consumers.