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Necessities (view source)

Revision as of 17:32, March 7, 2008

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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.
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'''Necessities''' are goods for which demand is [[inelastic]].  An increase in price for these goods does not reduce the demand much, because these goods are essential.  [[Income Elasticity of Demand]] for a necessity is less than one.
    
[[Category:Economics]]
 
[[Category:Economics]]
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