Finished goods are products that have undergone all production processes but have not yet been sold. They serve as inventory for a shop or remain in storage. The cost of finished products is important to calculate profit and cheaper alternatives may need to be found. The “just in time” shipping process helps sell products immediately. […]
The WTO reports that machinery and transport equipment are the most exported products, followed by mining products, office equipment, and chemicals. The EU has the highest export value, followed by the US and China. Favorable trade balances are important for developing countries, but increased exports alone are not a solution for accelerating development. The traditional […]
Wholesale suppliers offer consumer goods like electronics and clothing, as well as industrial and commercial goods like tools and supplies. Buying wholesale can be advantageous for businesses and individuals, with lower prices and access to unique products. Wholesale distributors can also offer guidance and services like payment terms and inventory management. Drop shipping is a […]
Brown goods are consumer electronics such as TVs and stereos, while white goods are appliances like refrigerators and washing machines. The terms are used for economic tracking and repair purposes. Gray goods are sold outside authorized channels and are often cheaper. In society and business, electronics and gadgets represent consumer goods that allow consumers to […]
Economic goods are tangible or intangible items that fulfill an economic need and are in limited supply, useful, and transferable. Free goods like sunlight and gravity are not economic goods. The economic value of a good is determined by its supply and utility in satisfying an economic need. Economic consumer goods are purchased by end-users, […]
A goods list is a detailed document that lists items for sale or shipment, including descriptions, pricing, and shipping information. It is used to ensure accuracy and prevent confusion. However, it can also refer to unethical marketing practices that mislead buyers. A goods list is a type of listing that provides details about items that […]
Vegan baked goods use non-animal ingredient alternatives to replace common cooking ingredients. Vegans can enjoy common types of baked goods such as cakes, cookies, and breads with vegan versions. Organic and locally grown ingredients are encouraged but not essential. While it is possible to find a special type of vegan pastry unique to a particular […]
Sugar-free baked goods can be made with artificial sweeteners or without any sweeteners at all. Natural sweeteners like fruit and syrups still contain sugar. “No sugar added” and “sugar-free” are not the same. Artificial sweeteners are a good alternative for diabetics and those on a low-carb diet. Natural sweeteners like fruit and syrups still contain […]
Industrial goods are products used in the production of other goods, including raw materials, machinery, tools, and spare parts. Proper classification of these goods can help companies comply with tax regulations and optimize their inventory management. Sometimes referred to as intermediate or intermediate goods, industrial goods are any type of product used in the production […]
Dry goods are non-durable products with a limited shelf life, originally referring to textiles but now including other items. They are considered sundries and can be found in departments of major retailers. As part of the range of products known as soft or non-durable goods, dry goods are products that do not require special storage, […]
Inferior goods decrease in demand as income increases, while normal goods increase in demand. Public transportation is an example of an inferior good. The income effect is negative for inferior goods, but the substitution effect causes a slight increase in consumption. Giffen goods are rare and controversial, with potatoes and rice being possible examples. Inferior […]
Industrial products, including raw materials and some manufactured goods, are traded in a global market through regulated exchanges. Homogeneity allows for market-level pricing based on supply and demand, with metal, fossil fuels, textiles, and food products being common commodities. Industrial products are bulk goods that can be traded within an industrial market, often through commission […]
Silver is a commodity traded globally by large corporations, hedge funds, futures funds, and individuals. Contracts have fixed sizes and lifetimes, with most trading done in the “near” month. Speculators dominate the market, and traders must exit positions before the first day of notice. A commodity is something for which there is a demand; Silver […]
A dangerous goods declaration certifies that a shipper has followed labeling and packaging regulations for the safe transport of hazardous materials by land, sea, or air. It lists the number of items shipped, the net weight, and the name of the hazardous material, along with a numerical code assigned to the product. The International Aviation […]
Gray goods are products sold illegally through unauthorized distribution channels, causing financial and reputational harm to the original manufacturers. They are different from black market products, which are generally illegal due to fraudulent duplication or illegal selling. Gray goods are often sold at a lower price and can affect a company’s global distribution. Gray goods […]
Consignment is an arrangement where the seller sends goods to the buyer, who pays when they sell them. The seller remains the legal owner and can request the return of unsold items. Consignment can be profitable for both parties, but terms should be negotiated carefully to avoid hardship. Consignment is a type of sales arrangement […]
Normal goods refer to the change in demand for goods and services due to income shifts. Quality is not a factor, and understanding this concept can help suppliers and retailers launch new products and set prices. A change in demand for one type of normal good can also affect the demand for related goods. Normal […]
Businesses use a simple process to determine the cost of goods sold (COGS) by comparing the amount of inventory available at the beginning and end of a period. This allows for the first-in, first-out (FIFO) method to evaluate business activity and make decisions about production and inventory levels. Many businesses use a simple process to […]
Soft products, also known as consumables, have a shelf life of less than three years and require replacement due to wear and tear or changes in taste or body type. Examples include clothing, fabrics, footwear, office supplies, personal hygiene products, and small appliances. Also known as consumables or non-durable goods, soft products are any products […]
Hard goods are tangible products designed to remain functional for over three years, such as home-building materials, appliances, and office equipment. The distinction between hard and soft goods is based on the expected period of use, not price. Also known as durable goods, hard goods are any type of tangible product that is intended to […]
