Goods and services that are considered to be essential to life, such as food, water, shelter, and medical care. Demand for necessities tends to be inelastic, since people will have to purchase at least a certain amount of these goods and services no matter how much the price increases.
Related information about necessities:
- necessities - definition of necessities by the Free Online Dictionary ...
ne·ces·si·ty (n -s s -t ). n. pl. ne·ces·si·ties. 1. a. The condition or quality of being necessary. b. Something necessary: The necessities of life include food, clothing, ...
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- What is necessities? definition and meaning
Definition of necessities: Bare essentials required universally for subsistence or survival, or for maintaining a certain minimum standard-of-living.
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Sunscreen is an absolute necessity for the beach. food, clothes, and other basic necessities; Getting plenty of rest is a necessity. Without a car, living close to ...
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