What term is used for goods purchased for direct satisfaction of wants?

The term that describes goods purchased for direct satisfaction of wants is "consumer goods." These goods are specifically designed for consumption by the end consumer and fulfill immediate needs and desires. Examples of consumer goods include food, clothing, and household items. Their primary purpose is to provide direct utility to consumers rather than to be used in the production of other goods.

In contrast, producer goods, also known as capital goods, are used by businesses to create products or provide services but are not meant for direct consumption. Raw materials refer to the basic inputs used in the production process to create finished goods but are also not directly purchased for consumer satisfaction. Understanding the distinction between consumer goods and these other types of goods is vital in economic discussions, as it highlights the different roles these goods play in the economy.