What is the difference between products that are made for profit and products that are made to benefit others?
For-profit products have a design that makes the consumer want to buy it even if it isn't unique. Products that fell into this category are usually nonessentials, such as items that show social status. Products made to benefit others are most likely cutting-edge technologies that stand out by being innovative. Made for benefit products are typically more practical and useful than for-profit products.
Research the pros/cons of developing a product that is made for profit vs a product that is made to benefit others. Provide an example of each type of product.
A for-profit product is a hoverboard. It has a wide age range of people interested in it and usually wealthier people owned them. Hoverboards tend to be expensive and mostly used as entertainment. Not to mention the popularity of these tend to rely heavily on current trends. A for benefit product would be Solar Panels. Some pros are that it reduces the carbon footprint and gives back to the consumer. They do this by lowering the electricity bill. Some cons are that it's usually a one time purchase.