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Goods

What is the definition of Goods?

Goods can be anything from merchandise, supplies, raw materials to already completed products. All items that are movable and are sold to a particular buyer.

Goods are usually categorised into any of the following:

  • Durable goods: refer to the ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools.
  • Consumer goods: are the ones that are purchased primarily for the buyer’s own usage (personal, family or household use).
  • Hard goods: are consumer durable goods, such as appliances.
  • Soft goods: are consumer goods that are not durable and can break, such as clothing.

 

Any items, materials and consumable substances which are sold to the consumers, companies and government agencies are called goods.

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