The difference between industrial goods and consumer goods is that industrial goods are those necessary to produce consumer goods and services. Industrial goods are the tools and materials necessary to manufacture a good or provide a service to an end consumer, although they are also often used in the production of other industrial goods. Consumer goods are the end products of industry for the personal use of consumers, rather than the production of any further commercial goods.Know More
Industrial goods include the machines, tools and materials necessary for the production of further goods and services. These include such items as delivery trucks, machine lubricants and printing presses. Because each industrial good is usually used to produce several consumer goods, the market for industrial goods is much smaller than the market for consumer goods.
The demand for consumer goods also drives the demand for industrial goods, since the economic logic behind industrial goods is that they add value to raw materials, allowing them to be sold for more money than they cost. Everything a person purchases for personal use is a consumer good.
There is considerable overlap between consumer goods and industrial goods. Motor oil, for instance, is used in both personal vehicles and delivery vehicles.Learn more about Industries
Line managers are responsible for core business functions, such as direct design, manufacture and sales of a product. Staff employees are primarily involved in the production of the final product. General managers, product line managers and operations supervisors make up line personnel, while staff employees include accountants, human resource workers and public relations officers. Line and staff management is further divided into separate hierarchies.Full Answer >
Consumer sovereignty is the economic theory that consumers can best determine what goods and services should be produced in a society. Firms, such as businesses and companies, produce whatever the consumer prefers. Economist William Harold Hutt coined this term in his 1936 book "Economists and the Public."Full Answer >
Consumer redress is a policy that requires companies who sell goods and products to abide by all relevant consumer laws. Consumer laws are a group of rights designed to protect consumers by allowing them to have proper and courteous treatment when purchasing goods and prevent them from being misled by companies.Full Answer >
A consumer culture is focused on the buying and selling of goods. The goods consumed in a consumer culture are not necessarily goods that are needed so much as goods that are wanted. The United States is an example of a consumer culture.Full Answer >