Question

Give the classification of the product.

Answer 1

Basis of Classification	Type of Product	Description	Examples
Based on Productive Activities	Primary Products	Goods obtained directly from nature and the primary sector.	Food grains, milk, fruits
	Secondary Products	Manufactured goods made using primary goods are linked to industrial activities.	Cotton textiles, finished steel
	Tertiary Products	Products that involve services rather than goods.	Banking, insurance, transport
Based on Production Process	Intermediate Products	Goods used in the production of final goods, not for direct consumption.	Car parts, cotton yarn
	Final Products	Goods used by final consumers; not used for further production.	A complete car, packaged food
Based on Durability	Non-Durable Products	Goods that are consumed quickly or are perishable.	Milk, bread, soap
	Durable Products	Goods that are used over a long period of time.	Car, refrigerator, TV
Based on Use	Consumer Products	Goods directly consumed by individuals.	Food, clothes
	Investment Products	Goods used to produce other goods are also called capital or producer goods.	Machines, tools, and raw materials like steel.