What term is used for goods that last for a relatively long time, such as refrigerators and cars?

The term used for goods that last for a relatively long time, such as refrigerators and cars, is durable goods. Durable goods are defined by their longevity and the fact that they are not purchased frequently; instead, they are designed to withstand wear and last for several years, making them an essential category in economics and business management.

These items typically require a more substantial investment upfront but can provide value over time through their extended usage. This contrasts with perishable goods, which have a limited shelf life and are consumed quickly, and consumable goods, which are items intended for immediate or short-term use. Luxury goods, while they may also be durable, are specifically characterized by their high price and status symbol appeal, rather than their functional longevity. Thus, durable goods encompass a broader range of long-lasting items essential for everyday living and functionality.