Question

What are industrial products?

Answer 1

Industrial products refer to those products that are used as inputs for the production of other goods. Such goods are not meant for final consumption; rather, they are used as raw materials and inputs by manufacturers for the production of consumer goods. For example, machines, tools, etc. are industrial products. As against this, consumer products refer to those products that are used by the ultimate customers for their personal consumption purposes. For example, toothpaste, edible oil, furniture, etc. are consumer goods.