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The key difference between equipment and materials is that materials form the actual product and are the parts, components, ingredients and raw materials that become a part of the product whereas equipment refers to the tools, machinery, devices that help create the product. Factors of production are the inputs in a manufacturing process that are used […]
Consumer Goods vs Capital Goods There are two types of goods namely consumer goods and capital goods. Why this dichotomy, you might wonder? But then, can you compare a machine that produces shampoo sachets with the sachets themselves that are ultimately used by end consumers? Though both are goods, they are entirely different in form […]
Tools vs Equipment Why do we call items used in a garden, tools and those used in a kitchen, utensils? What is the basis of using the word equipment and why do we call items used in a laboratory apparatus? These are questions best answered as traditions and confuse many people as they are unable […]
