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Good and services that are considered to be essential to life, such as food, water, shelter, and medical care.
Food Water Electricity Gas Cloths are examples of Necessity Goods. Demand for this is high and doesnt base on the income of a person. It is necessary and people will sacrifice other expense to get this goods.
Necessity goods are goods that we cannot live without and will not likely cut back on even when times are tough, for example food, power, water and gas. The more necessary a good is, the lower the price elasticity of demand, as people will attempt to buy it no matter the price.
Necessity goods are goods that we cannot live without and will not likely cut back on even when times are tough, for example food, power, water etc.
Necessity goods plays a vital role in our life that we can not live without it..so I agree with all given answers Thanks for the invitation.
Essential goods and services are the goods that satisfy the essential human needs. Such as food, housing, clothing
To be specific, necessity goods are related to basic necessities of human beings. For example, clothing.
Thanks Vinod !
We could not live without necessity goods
1.Economics: Good or service (such as food, water, medical attention) whose consumption is essential to human survival, or which is considered indispensable for maintaining a certain minimum standard-of-living.
2.Law: Circumstance that compels a course of action. A legal defense may succeed where a lesser damage or harm was caused out of necessity to prevent a greater damage or harm, and the action taken was reasonable under the circumstances.
