Products may broadly be classified into two categories – consumers’ products and ________.
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → Industrial products
Option (1) Industrial products — Correct. Products are broadly classified, on the basis of their use, into consumers’ products and industrial products. Industrial products are used as inputs in producing other products.
Option (2) Durable products — Incorrect. Durable products are a class of consumer products, based on durability. They last many years, like refrigerators.
Option (3) Services — Incorrect. Services are also a class of consumer products by durability. They are intangible benefits offered for sale.
Option (4) Speciality products — Incorrect. Speciality products are a class of consumer products, based on the shopping effort involved.
NCERT (2026-27 Edition): “Classification of Products Products may broadly be classified into two categories — (i) consumers’ products, and (ii) industrial products.” “Durability Of Products On the basis of their durability, the consumer products have been classified into three categories— Durable, Non-durable and Services.” “Industrial Products Industrial products are those products, which are used as inputs in producing other products. The examples of such products are raw materials, engines, lubricants, machines, tools, etc. In other words, industrial products are meant for non-personal and business use for producing other products. …” |