Allocation of Resources refers to the central subject of economics involving how scarce factors of production are distributed among producers and how scarce goods are distributed among consumers.
Consumer goods are items purchased by individuals for personal or household use, as opposed to capital goods, which are used to produce other goods. These goods are essential for daily life and can be classified into durable, non-durable, and services.
Frequently purchased consumer items that provide convenience in terms of time savings and utilitarianism. Examples include hair spray, shaving cream, and tissues.
A large retail establishment offering a wide range of consumer goods in various product categories known as 'departments.'
Durable goods refer to consumer and business products that are designed and expected to last for several years. These goods are critical indicators of economic activity and investment trends.
Final goods, also known as consumer goods, are goods that are not used as inputs in the production of other goods but are intended for consumption by the end consumer.
Generic products are plainly labeled, unadvertised products, which often include items such as prescription drugs and grocery items. They are typically more affordable, often costing up to 40% less than national brands.
A gift card is a type of gift certificate in the form of a card into which value can be encoded. It is used much like a credit card for the purchase of consumer goods and services, up to the limit of stored value.
Irregulars refer to goods that fail to meet manufacturing specifications, often affecting appearance but not usability. These products are typically sold at a discount due to their imperfections.
A knock-off is a low-priced imitation of a name-brand product, often created to mimic the design, style, and overall aesthetic of the original product but made with cheaper materials and sold at a fraction of the cost.
A term used to describe products or materials that are of lower quality. Low-grade items often lack the durability, strength, or aesthetic appeal of higher-grade alternatives.
Goods that do not last a long time, are quickly consumed, and so must continually be replaced by consumers. Food is the most prevalent example of nondurable goods.
The primary package is the immediate container of a product which is in direct contact with the goods and is used for the final consumer sale. For example, a bag of potato chips is the primary package, while the carton in which the bags of potato chips are shipped is the outer package.
Retailing involves the business practice of selling products and services directly to the public, targeting the ultimate consumer rather than wholesalers or manufacturers.
A retail outlet is a manufacturer-owned store that sells merchandise and/or services directly to the public in unlimited quantities.
A measure of the quality and quantity of goods and services available to individuals and households within an economy, which reflects the overall well-being and comfort level.
A store brand, also known as a private label, refers to products that are manufactured by one company but sold under another company's brand, typically a retailer's own brand name.
