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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 ]
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.
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.
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.
Thus, this is typically hierarchically ordered. These concepts are generalized into the concept of item. This classification is overlapping, because a subassembly could be a part in another assembly configuration. Due to differentiation and variation of items several concepts must be indicated into the product breakdown structure.
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]
The Industry Classification Benchmark (ICB) is an industry classification taxonomy launched by Dow Jones and FTSE in 2005 and now used by FTSE International and STOXX. It is used to segregate markets into sectors within the macroeconomy .
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]