Final answer:
Convenience goods are consumer products that are bought frequently, immediately, and with minimal effort. These goods differ from specialty, shopping, and unsought goods, as they are widely available and satisfy everyday needs, aligning with the law of diminishing marginal utility.
Step-by-step explanation:
The type of consumer goods that individuals purchase without much effort and that are highly available, widely distributed throughout the marketplace, are known as convenience goods. These items are designed to satisfy everyday needs and are bought frequently with minimal planning. In contrast, specialty goods require more effort in selection and purchase, shopping goods are those that consumers compare on attributes such as quality, price, and style, and unsought goods are products that the consumer does not know about or does not normally consider buying.
Convenience goods offer immediate utility to consumers who prioritize quick access and wide availability over extensive searching. As opposed to convenience goods, consumers will not put in a significant amount of effort, time, or comparison. Examples include household items like bread, milk, or toothpaste.
Understanding the utility that these goods provide helps to comprehend consumer behavior patterns. The ease of obtaining these goods aligns with the law of diminishing marginal utility, where the satisfaction from each additional unit decreases as one consumes more of the goods.