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Classification of goods and services.

Answer Text:
Classification of goods and services.
-Producer goods and consumer goods: Producer goods are that those are used to produce other goods and services while consumer goods are those which are ready for consumption.
-Public goods and private goods: Public goods are those provided by the government and anybody can use them while private goods are those that are owned by individuals.
-Perishable goods and durable goods: Perishable goods are those that cannot last for long unless stored under special conditions
while durable goods are those that can last for long without getting spoilt.
-Free goods and economic goods: Free goods are those that are provided free by nature while economic goods are those that you must pay a price to acquire them.
-Intermediate goods and finished goods:
Intermediate goods are those that require further processing before they can be used while finished goods are those that are ready for final use.
-Material goods and non- material good: Material goods are those that are tangible or physical such as chair, desks etc while non-material goods are services such as teaching, banking, warehousing and transportation