Consumers and the Items They Consume Can Take Many Forms

question 12

Essay

Consumers and the items they consume can take many forms.Give examples of three different types of consumer and examples of three different types of items they could consume,including products,services and ideas.

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Definitions:

Consignment

An arrangement in which goods are left with a third party to sell, but the ownership remains with the supplier until the goods are sold.

Warranty Repairs

Warranty repairs are services provided to fix defects in products that are under warranty without additional charge to the consumer. These costs are often anticipated and accounted for by the manufacturer.

Physical Count

A process of manually counting actual inventory to verify quantities and ensure accuracy of records.

Lower Of Cost

An accounting principle that valuates inventory at the lower amount between its original cost and current market value.