VII) On the basis of durability –
Perishable goods, Durable goods and Imperishable goods.
Imperishable goods such as estates render satisfaction to their owners and their successive generations.
Perishable goods/non durable goods
Perishable goods are defined as goods that are consumed in one use (single use goods) and have a short life span.
They yield utility immediately.
Non-durable consumer goods are used only once eg Milk coffee tea etc are used up in a single act.
Non-durable producers goods are used in production only once eg Flour used in production of biscuits.
Perishable goods are meant for meeting immediate (current) demand
Non durable items are purchased, they are considered to be an addition to consumption goods.
Durable goods
Durable goods are defined as goods that are consumed over a period of time (are repeatedly-use goods) and have a longer life span.
They yield utility over a period of time.
Durable consumer goods are used several times eg Car, refrigerator mobile phones etc are used repeatedly.
Durable producers goods are are used several times in the process of production eg A sewing machine is used by a tailor again and again for a long period of time till he discards it.
durable items are designed to meet current as well as future demand as they are used over a period of time
durable items are purchased, they are considered to be an addition to stock of assets/wealth/investment goods.