necessities

definition: If a product satisfies a desire that is largely a necessity, the demand for that product will be inelastic
connected key terms: factors impacting elasticity | availability of substitutes | consumer budget | luxury | changes over time | total revenue

everyday examples

▪ electricity
▪ diapers
▪ antibiotics/medication
▪ heat/warm clothes in a cold climate
▪ basic food and water

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