Question

State the type of goods. Difference between consumers goods and producers goods? (ans. in brief)​

Answer 1

Answer:

There are four different types of goods in economics, which can be classified based on excludability and rivalrousness: private goods, public goods, common resources, and club goods. Private Goods are products that are excludable and rival. Public goods describe products that are non-excludable and non-trivial.

Consumer goods are those goods which are consumed directly by the consumer after it's purchase. Whereas producer goods are those goods which are used by producers as raw material and which further undergo certain processes in order to make a final or consumer good.