- Final goods are consumed by ultimate consumers.
- They meet the immediate need of the consumer.
Durable Consumption Goods
- These goods do not get exhausted immediately.
- They last over a period of time, generally more than 3 years.
- Examples: Home appliances, consumer electronics, furniture.
Non-Durable Consumption Goods
- These goods get consumed immediately.
- Their life is generally less than 3 years.
- Examples: Cosmetics, food, fuel, paper, clothing.
Services
- Services are intangible.
- They are a kind of consumption good.
- They are consumed immediately.
- Examples: Education, banking, telecom, healthcare.