industrial goods

  

Definition

Machinery, manufacturing plants, materials, and other goods or component parts for use or consumption by other industries or firms. Demand for industrial goods is usually based on the demand for consumer goods they help produce (called derived demand). They are classified as (1) Production goods, that enter the production of a final product, such as the raw materials and component parts, or (2) Support goods, that assist in the production process, such as fixed equipment and machinery, instruments, jigs, tools, etc.

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