6 Types of products and their classifications
The next time you ask yourself what a product is, the best thing to do is to look around you, the answer will be there.
The thing is, not all of them comply with the same type or fall into the same classification.
Get to know the types of products and their classifications, with everyday examples for a better understanding.
What is a product?
Within the terms of economics, the definition of product is handled as the result that is obtained from the production process that is fulfilled within a company.
This leads us to consider as such everything that is produced, or what results from production processes. Everything that is exchanged in the market is also considered a product.