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HOMOGENEOUS PRODUCT: Goods that are either physically identical or at least viewed as identical by buyers. In particular, the producer of a product can not be identified from the product itself. This is a key assumption underlying the perfect competition market structure, and like other assumptions is only approximated in the real world. Agricultural products, metals, and energy goods come as close as any in the real world.
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                           NONDURABLE GOODS, CONSUMPTION: Personal consumption expenditures on tangible goods that tend to last for less than a year. Common examples are food, clothing, and gasoline. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods and services. Nondurable goods are about 30 percent of personal consumption expenditures and 20 percent of gross domestic product. Nondurable goods are consumption goods purchased by the household sector that generally have a useful, satisfaction-providing existence of shorter than a year. Household expenditures on nondurable goods are generally unaffected by business cycles. In good times and bad, the household sector continues to purchase nondurable goods at a relatively constant pace.The three main subcategories of nondurable goods in the National Income and Product Accounts are "food," "clothing and shoes," and "gasoline and oil." Food, as might be expected is half of the nondurable goods expenditures. Clothing and shoes constitute about 18 percent and gasoline and oil comes in at about 7 percent of nondurable goods expenditures. The remaining 25 percent of nondurable goods purchased by the household sector includes "fuel oil and coal" (less than 1 percent) and a handy catch-all "other" category (which is the bulk of the remaining 25 percent). These categories are straightforward and do not require much explanation. The "food" entry is obviously food, "clothing and shoes" is, well, clothing and shoes, and "gasoline and oil" is gasoline and oil. The "other" category includes any nondurable good not classified elsewhere, including such things as pencils, newspapers, shampoo, and plastic picnic spoons.
Recommended Citation:NONDURABLE GOODS, CONSUMPTION, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: November 29, 2023].
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius seeking to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for strangers with large satchels of used undergarments.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"The world is not dangerous because of those who do harm but because of those who look at it without doing anything. " -- Albert Einstein, physicist
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M2
M1 plus savings types of near monies, including savings deposits, certificates of deposits, money market deposits, repurchase agreements, and Eurodollars
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