Necessity good
From The Art and Popular Culture Encyclopedia
|
Related e |
|
Featured: |
In economics, a necessity good or a necessary good is a type of normal good. Necessity goods are product(s) and services that consumers will buy regardless of the changes in their income levels, therefore making these products less sensitive to income change. Examples include repetitive purchases of different durations such as haircuts, addictive habits including tobacco, everyday essentials such as electricity and water, and critical medicine such as insulin.
[edit]
See also
Unless indicated otherwise, the text in this article is either based on Wikipedia article "Necessity good" or another language Wikipedia page thereof used under the terms of the GNU Free Documentation License; or on research by Jahsonic and friends. See Art and Popular Culture's copyright notice.
