Describe how products are classified according to their intended use
What will be an ideal response?
Answer: The following is a classification of products according to the intended use.
Raw materials such as iron ore, crude petroleum, lumber, and chemicals are used in the production of final products.
Components such as semiconductors and fasteners also become part of the manufacturers' final products.
Supplies such as pencils, nails, and light bulbs that are used in a firm's daily operations are considered expense items.
Installations such as factories, power plants, and airports are major capital projects.
Equipment includes items such as desks, computers, and factory robots.
Business services range from landscaping and cleaning to complex services such as management consulting and auditing.
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