A good is a tangible or intangible object produced to satisfy a need or desire with a specific economic value.
Economics classifies these goods into different categories. One of the most comprehensive is the division between capital goods (those used in producing other goods) and consumer goods (whose destination is solely to satisfy the needs of users or consumers). The latter can be classified according to the time of use they are given in:
- Durable consumer goods. They are those goods whose use occurs over an extended period and are used on many occasions. They have a useful life of more than three years. Its cost is higher than that of non-durable consumer goods. For example: a motorcycle, an air conditioner.
- Non-durable consumer goods. They are those goods that are consumed in a short time and used on a smaller number of occasions (some are only used once). Its cost is lower than that of durable consumer goods. For example: a candy, a pencil.
How long do the goods last?
The advancement of technology in the last century led to the appearance of more advanced products, appliances, cars, and electronic devices with better and more functionalities. Globalization allows these products to arrive in record time in different parts of the globe.
The constant updating and improvement of these products mean that the goods last less and less time in the hands of a consumer.
This is due, on the one hand, to planned obsolescence, that is, the useful life with which certain devices and appliances are programmed that give the product an expiration date planned by the manufacturer. What makes that, after that time, the device begins to fail. It is often cheaper and easier to buy a new product than repair the broken one.
In addition, shortly after a new device is launched, it becomes obsolete for the market due to the imminent launch of the latest version.
For its part, fast fashion encourages the production of garments made on a large scale, with inputs and cheap labor, which turns many clothes into non-durable goods.
Examples of Durable Goods
- Washing machine
- living place
- Ankle boots
- Air conditioning
- Microwave oven
Examples of non-durable goods
- Alcoholic drinks
- Makeup base
- Window cleaner