Final answer:
Industrial products are those purchased for further processing or use in business operations. They are distinct from consumer goods, which are intended for personal use, by their application in producing other goods or services. This includes both durable and non-durable goods within an industrial setting.
Step-by-step explanation:
Industrial products are those products purchased for further processing or for use in conducting a business. Unlike consumer goods, which are intended for use by individuals, industrial products are utilized by businesses to produce other goods, perform services, or to operate the company. Examples of industrial products include manufacturing equipment, business software, and raw materials.
Consumer goods include items like shoes, backpacks, and cars which are meant for personal use. Industrial products, however, serve as the tools, components, or supplies in the creation of other products or for business operations. A clear distinction is that industrial products are utilized within an industry for the production of goods and services or for business functions, whereas consumer goods are the final products purchased by the end consumers for personal use.
Durable goods such as televisions and refrigerators are designed to last for several years, as opposed to non-durable goods like writing paper and food products, which have a shorter lifespan of regular use. In this context, the longevity of the products is not a deciding factor in whether a product is industrial or consumer-oriented; instead, it is their intended use within the business operations or processes that is critical.