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.