PRODUCTION
Hey Guyz, Happy Friday to
you. How was your day yesterday, hope it was fruitful and cool. Today we are
back to Econs 101 with the above topic, so let’s get straight to work. JESUS IS
LORD!!!
TYPES OF GOODS
Goods can be classified
into two major groups, namely:
1. CONSUMER
GOODS: are goods and services that don’t need further
production; they can satisfy the wants of the consumer in their form. Like
Milk, Services like The Police etc.
Consumer Goods can further
be grouped into the following:
a. Durable
Goods- They are goods that can be used over and over again. Like
Radio, Television, Cooking Pots etc.
b. Non- Durable
Goods- They are goods that can only be used once. For example,
Bread, Drugs, Egg, Meat etc.
2. PRODUCER/
CAPITAL GOODS: These are goods used by people for further
production of
