What term describes a good that is immediately used or has a lifespan of three years or less?

The term that describes a good that is immediately used or has a lifespan of three years or less is non-durable goods. These goods are typically consumed quickly and are characterized by their short longevity. Examples include food items, cleaning supplies, and paper products, all of which are used up shortly after purchase.

The emphasis on a lifespan of three years or less is key; non-durable goods tend to require frequent repurchase as they do not last long. This differs significantly from durable goods, which are designed to last for an extended period—often several years—like appliances and furniture. Consumable goods can sometimes overlap with the idea of non-durable goods, but the latter term more specifically refers to items that are quickly used up. Lastly, long-term goods would refer to anything with a long lifespan and are not relevant in this context.