Consumption Goods

Consumption goods are the goods that satisfy the wants and needs of a consumer directly. For example, shirt, pen, bread, butter, etc. Consumption goods can be classified into four categories; namely, durable goods, services, semi-durable goods, and non-durable goods. 

1. Durable Goods

The goods that consumers can use again and again over a considerable time period are known as durable goods. For example, Refrigerator, Air Conditioner, Television, etc. 

2. Semi-durable Goods

The goods that consumers can use for a limited time period are known as semi-durable goods. For example, clothes, shoes, etc. 

3. Non-durable Goods

The goods that are used by the consumers in one consumption only are known as non-durable goods. One cannot use these goods for more than once. For example, butter, milk, bread, chocolate, etc. 

4. Services

The non-material goods which satisfy human wants directly are known as services. Services are goods that are intangible in nature and cannot be touched or seen. For example, services provided by doctors, beauty parlors, teachers, etc. 

Macroeconomics is a part of economics that focuses on how a general economy, the market, or different systems that operate on a large scale, behaves. Macroeconomics concentrates on phenomena like inflation, price levels, rate of economic growth, national income, gross domestic product (GDP), and changes in unemployment.

“Macroeconomics is that part of economics which studies the overall averages and aggregates of the system”. – KE Boulding