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an economic PRODUCT which is produced to meet some personal or business demand. Goods which are purchased by individuals are called consumer goods or final goods, while goods purchased by businesses are referred to variously as producer goods, capital goods, industrial goods or intermediate goods.

Some consumer goods (nondurables), such as bread and toothpaste, are used up immediately or within days of purchase, while others, referred to as consumer durables, such as cars, washing machines and televisions, are ‘consumed’ over a time scale often running into several years and are often considered to constitute part of an individual's personal assets or wealth.

Producer goods are items which are purchased by manufacturers, etc. to be used as factor inputs in producing other goods or services. They too may be used up in the short term (for example nuts and bolts, engines, etc.) as the production cycle repeats itself, or they may constitute the firm's stock of longer-lasting (durable) fixed capital assets such as plants, equipment and machinery The provision of goods (for example, a motor car, a perfume etc.) involve a number of characteristics which set them apart from the provision of a SERVICE (for example, window cleaning), in particular tangibility - the ability of a customer to see, touch, taste or smell the good, and separability - the fact that goods are typically produced and consumed at different points in time and thus can be stored. See MARKETING.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
My experience has proven that investing in resilience of our company's assets makes good business sense.
This profile also makes good use of the "Spotlight" functionality, which allows for the display of up to three banners and website links.
Julia Makes Good Frybread looked at Virgil Longest Braids and said, "Do you think he'll jump?"
Kraft's commitment to Supplier Diversity is based on the beliefs that it makes good business sense to explore every source when making a purchasing decision for the company, that working with diverse suppliers is an investment in our local communities, that our suppliers should be as diverse as the consumers who buy our products, and that considering a broad group of potential suppliers will lead to competition and ultimately, a better value for our business.
Nate Heneghan: We just want it to be a working band that makes good music.
The book explains what makes good soil, how to improve the soil in any garden, and how to keep pests away while attracting beneficial wildlife, such as butterflies, birds, and bees.
There may be times when loosening the credit standards makes good sense--as a courtesy to an especially good customer and with the CFO's OK.