Describe the seven types of business goods and services. Major equipment includes capital goods, such as heavy machinery. Accessory equipment is typically less expensive and shorter-lived than major equipment. Raw materials are extractive or agricultural products that have not been processed. Component parts are finished or near-finished items to be used as parts of other products. Processed materials are used to manufacture other products. Supplies are consumable and not used as part of a final product. Business services are intangible products that many companies use in their operations.

1. In small groups, brainstorm examples of companies that feature the products in different business categories. (Avoid examples already listed in the chapter.)

Compile a list of ten specific business products including at least one in each category. Then match up with another group. Have each group take turns naming a product and have the other group identify its appropriate category.

Try to resolve all discrepancies by discussion. Some identified products may appropriately fit into more than one category.