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Ishmail is figuring out whether his products will be used by the end consumer or be purchased by businesses to create other products. This decision will determine whether he creates industrial or consumer goods. He decides to make a chart comparing and contrasting these two types of goods. What should he include for each type of “good” on this chart?

Answer :

PARRAINGO

Ishmail can produce either industrial goods or consumer goods. They have different characteristics as shown below:

Industrial goods:

  • Either raw materials or goods that have not been processed into their final form.
  • Bought by other businesses in order to process them into finished goods
  • Used in the production of goods and services e.g. machinery
  • Are generally more expensive than consumer goods
  • Purchased in large quantities

Consumer goods:

  • Final products that are meant for consumers
  • Can be durable or non-durable
  • Usually bought in small quantities
  • Cheaper than industrial goods.

In conclusion, industrial goods and consumer goods are generally different in terms of buyers, price and volume of purchase.

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