Short answers, pulled from the story.
A final good, also called a consumer good, is a product ready for sale that a consumer uses to satisfy current wants or needs. It differs from an intermediate good, which is used to produce other goods. A microwave oven and a bicycle are classic examples.
Gross domestic product excludes intermediate goods and previously sold items to prevent double counting. Including the value of goods at every stage of production would inflate the output figure by tallying the same economic value multiple times.
The Consumer Product Safety Act defines a consumer product as any article produced or distributed for sale to a consumer for use in or around a permanent or temporary household, residence, school, or recreation. The act includes exclusions, listing at least eight specific categories that fall outside its scope.
Consumer durable goods have a lifespan of at least one year, often measured by their warranty period; examples include tools, cars, and boats. Nondurable goods are purchased for immediate or near-term use and last from a few minutes to up to three years; food, beverages, clothing, and gasoline are examples.
Because durable goods are expensive and long-lasting, consumers can postpone buying them when economic conditions are uncertain. That tendency to delay makes spending on durables fluctuate more sharply than spending on nondurables or services.
Convenience goods are frequently purchased, low-cost items like fast food and cigarettes, also called red goods. Shopping goods require comparison before purchase and include clothing, televisions, and footwear, also called yellow goods. Specialty goods are unique, expensive items such as antiques and jewelry, bought primarily by upper-income consumers, also called orange goods.