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'''Necessities''' are goods for which demand is inelastic. No matter how high the price goes, demand will still remain static, because they are essential. [[Income Elasticity of Demand]] for a necessity is less than one.
'''Necessities''' are goods for which demand is [[inelastic]]. No matter how high the price goes, demand will still remain static, because they are essential. [[Income Elasticity of Demand]] for a necessity is less than one.
[[Category:Economics]]
[[Category:Economics]]