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  2. SEC classification of goods and services - Wikipedia

    en.wikipedia.org/wiki/SEC_classification_of...

    In an unregulated market, prices of credence goods tend to converge, i.e. the same flat rate is charged for high and low value goods. The reason is that suppliers of credence goods tend to overcharge for low value goods, since the customers are not aware of the low value, while competitive pressures force down the price of high value goods. [6]

  3. Product classification - Wikipedia

    en.wikipedia.org/wiki/Product_classification

    Product classification or product taxonomy is a type of economic taxonomy which organizes products for a variety of purposes. However, not only products can be referred to in a standardized way but also sales practices in form of the “ Incoterms ” and industries can be classified into categories.

  4. Yellow, red and orange goods - Wikipedia

    en.wikipedia.org/wiki/Yellow,_red_and_orange_goods

    Yellow, red and orange goods are a three-part classification for consumer goods which is based on consumer buying habits, the durability of the goods, and the ways that the goods are sold. [1] The classifications are for yellow goods, red goods, and orange goods, with orange goods being goods that have a mix of yellow and red characteristics. [ 1 ]

  5. Broad Economic Categories - Wikipedia

    en.wikipedia.org/wiki/Broad_Economic_Categories

    The Broad Economic Categories (BEC) is a three-digit classification, which groups transportable goods according to their main end use. It is most often used for the general economic analysis of international merchandise trade data. The BEC system is defined in terms of the Standard International Trade Classification system.

  6. Market basket - Wikipedia

    en.wikipedia.org/wiki/Market_basket

    It is a sample of goods and services, offered at the consumer market. In the United States, the sample is determined by Consumer Expenditure Surveys conducted by the Bureau of Labor Statistics. [1] The price collection is conducted by data collectors on a monthly basis, and is processed further by commodity specialists. [2]

  7. Speciality goods - Wikipedia

    en.wikipedia.org/wiki/Speciality_goods

    Speciality goods are a class of consumer goods. Consumer goods can be categorized into convenience goods, shopping goods, and specialty goods. The classification scheme is based on the way consumers purchase. This system is based on the definition that convenience and speciality goods are both purchased with a predetermined pattern in mind.

  8. Final good - Wikipedia

    en.wikipedia.org/wiki/Final_good

    There are legal definitions. For example, the United States' Consumer Product Safety Act has an extensive definition of consumer product, which begins: CONSUMER PRODUCT.--The term ‘‘consumer product’’ means any article, or component part thereof, produced or distributed (i) for sale to a consumer for use in or around a permanent or temporary household or residence, a school, in ...

  9. Goods - Wikipedia

    en.wikipedia.org/wiki/Goods

    A bad lowers a consumer's overall welfare. [3] Economics focuses on the study of economic goods, i.e. goods that are scarce; in other words, producing the good requires expending effort or resources. Economic goods contrast with free goods such as air, for which there is an unlimited supply. [4]