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- Necessity_good abstract "In economics a necessity good is a type of normal good. Like any other normal good, when income rises, demand rises. But the increase for a necessity good is less than proportional to the rise in income, so the proportion of expenditure on these goods falls as income rises. This observation for food is known as Engel's law. The income elasticity of a necessity good is thus between zero and one. Necessity goods are goods that we can't live without and won't likely cut back on even when times are tough, for example food, power, water and gas.The more necessary a good is, the lower the price elasticity of demand, as people will attempt to buy it no matter the price.Most necessity goods are usually produced by a public utility. According to Investopedia-site, stocks of private companies producing necessity goods are known as defensive stock. Defensive stock are stock that provides a constant dividend and stable earnings regardless of the state of the overall stock market.".
- Necessity_good wikiPageID "17401600".
- Necessity_good wikiPageRevisionID "561370945".
- Necessity_good hasPhotoCollection Necessity_good.
- Necessity_good subject Category:Goods.
- Necessity_good subject Category:Microeconomics.
- Necessity_good type Abstraction100002137.
- Necessity_good type Advantage105155821.
- Necessity_good type Asset105154517.
- Necessity_good type Attribute100024264.
- Necessity_good type Good105159725.
- Necessity_good type Goods.
- Necessity_good type Quality104723816.
- Necessity_good comment "In economics a necessity good is a type of normal good. Like any other normal good, when income rises, demand rises. But the increase for a necessity good is less than proportional to the rise in income, so the proportion of expenditure on these goods falls as income rises. This observation for food is known as Engel's law. The income elasticity of a necessity good is thus between zero and one.".
- Necessity_good label "Bien necesario".
- Necessity_good label "Dobra podstawowe".
- Necessity_good label "Necessity good".
- Necessity_good label "必需品".
- Necessity_good sameAs Bien_necesario.
- Necessity_good sameAs Dobra_podstawowe.
- Necessity_good sameAs m.04f_jnh.
- Necessity_good sameAs Q3494251.
- Necessity_good sameAs Q3494251.
- Necessity_good sameAs Necessity_good.
- Necessity_good wasDerivedFrom Necessity_good?oldid=561370945.
- Necessity_good isPrimaryTopicOf Necessity_good.