Goods that are considered to be needs tend to be

Question

Greenie

Social Studies

20 March, 09:04

Goods that are considered to be needs tend to be

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Answers (2)

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Kennedy Poole · Answer 1

I think that the best answer here is that they tend to be "inelastic" - this means that the demand for those goods does not change as the prize changes.

For example, people need to drink water, and the demand for water will not change a lot depending on the prize.

Regina · Answer 2

Goods that are considered to be needs tend to be called inelastic goods. Inelastic goods are unaffected by price changes because these goods and services tend to be consumed regardless of the price. Examples would be shelter, clothes, food, and other basic needs of a person.