Finished goods are products that have completed the manufacturing process and are ready to be sold to consumers.
Raw Materials: These are the basic substances or components used in producing or manufacturing goods. Like flour, eggs, and sugar for our cake analogy.
Manufacturing Process: This is the series of operations involved in making a product from raw materials. It's like mixing the ingredients and baking them into a cake.
Consumer Goods: These are products bought for consumption by the average consumer - essentially, they're what you'd find on store shelves. The cake, once it's on display at a bakery, becomes a consumer good.
Study guides for the entire semester
200k practice questions
Glossary of 50k key terms - memorize important vocab
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.