Question

Products may be classified into two categories 'consumer products' and 'industrial products'.Explain three major categories of industrial products.

Answer 1

The industrial products are classified into following categories:

(i) Materials and parts: These goods become a part of the manufactured product completely.They are of two types:

(a) Raw materials such as cotton,sugarcane,oil seeds,etc.

(b) Manufactured parts and materials such as tyres, electric bulb,battery,etc and glass,iron,plastic respectively.

(ii) Capital items

(iii) Supplies and business services