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Fast-moving consumer goods (FMCG), also known as consumer packaged goods (CPG) [1] or convenience goods, are products that are sold quickly and at a relatively low cost. Examples include non-durable household goods such as packaged foods , beverages , toiletries , candies , cosmetics , over-the-counter drugs , dry goods , and other consumables .
choices. The primary example of such information-based legislation is the Nutrition Labeling and Education Act (NLEA), which was implemented in 1994 (United States Food and Drug Administration) and required that consumers have access to consistent nutritional information for packaged foods.
In retail economics and geography, comparison goods are products which are usually higher value [1] and purchased infrequently, such as vehicles, household goods or clothing. [ 1 ] [ 2 ] Consumers tend to compare products before purchasing them to maximise value and quality.
Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...
In economics, goods are items that satisfy human wants [1] and provide utility, for example, to a consumer making a purchase of a satisfying product. [2] Economics focuses on the study of economic goods , or goods that are scarce ; in other words, producing the good requires expending effort or resources.
An experience good is a product or service where product characteristics, such as quality or price, are difficult to observe in advance, but these characteristics can be ascertained upon consumption. The concept is originally due to Philip Nelson , who contrasted an experience good with a search good .
Only if the two products satisfy the three conditions, will they be classified as close substitutes according to economic theory. The opposite of a substitute good is a complementary good, these are goods that are dependent on another. An example of complementary goods are cereal and milk. An example of substitute goods are tea and coffee.
Convenience food is commercially prepared for ease of consumption. [2] Products designated as convenience food are often sold as hot, ready-to-eat dishes; as room-temperature, shelf-stable products; or as refrigerated or frozen food products that require minimal preparation (typically just heating). [3]