Types of Goods and their meaning.

There are two types of goods and they are;

Consumer Goods: These are goods and services that can satisfy the consumers’ immediate wants. These goods do not need further process of production for their use by the consumer. Examples of consumer goods are beer, milk, bread, radio, television, the service of a teacher, lawyer, barber, etc
Capital Goods: These are goods and services meant for the production of further goods and services. They are for instance, machines, cars and lorries used in carrying out productive activities, etc.

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