Final answer:
Consumer product categories include durable goods like refrigerators, nondurable goods like food products, and services like car repairs. These categories fulfill the needs and wants of consumers, such as a family of four requiring basic necessities from all three categories.
Step-by-step explanation:
The consumer product categories include durable goods, nondurable goods, and services. Durable goods are items expected to last for three or more years with regular use. Examples include televisions, refrigerators, and tables. Nondurable goods are consumed or used in less than six months. This category includes products like writing paper, food products, and gasoline. Lastly, services are intangible products, such as a hairdressing appointment, a car repair service, or a music streaming subscription.
Goods and services are essential to meet people's basic needs and wants. For a family of four, basic necessities could encompass dairy, meats, produce, bread, cereals for grocery items, along with housing, healthcare, education, and transportation services.