What are the different types of industrial goods?

One type of industrial good is production goods – these are used in the manufacturing process to create finished products. Production goods include machinery, equipment, tools, raw materials, and supplies necessary for producing a product. These resources help businesses increase their productivity by making their processes more efficient.

What is the difference between consumer goods and industrial goods?

The consumer goods sector caters to consumers who frequently purchase smaller quantities at lower prices. Industrial goods companies often engage in business deals with other companies. They buy from other businesses or sell to other businesses. It is called a B2B or business-to-business transaction.

What is industrial goods?

Industrial goods are those items sold for business purposes to companies involved in manufacturing, construction, extraction, power generation, etc. Typically, these goods are high-investment ones and have higher durability. Thus, they are also referred to as capital goods or business goods.