Examples of Essential or Necessary Goods

The essential goods or necessity goods are those goods and services that are essential for the survival of people or for the continuity of fundamental productive activities. In other words, they are essential goods, whose consumption is widely and universally distributed in society.

Essential goods are a type of normal goods, meaning that they are goods whose demand increases as the income of their consumers (that is, they are governed by the Normal Law of Demand). However, unlike superior or luxury goods, essential goods can increase in demand in this situation only up to a certain point, since a Once the basic needs of consumers are met, the demand for these essential goods declines and gives way to substitute goods, such as consumer goods. superiors.

For example, a family buys food at the supermarket every month, in order to support themselves. Many of these goods are essential, such as milk or bread. And if the family budget improves, that is, if the family suddenly has more money than before, then they will be able to buy more milk and more bread than before; but if the budget improves enough, they will not only buy more milk and more bread, but other goods of greater variety and quality, such as meat and fish, or even skim milk and bread integral. This means that the demand for these essential goods increased up to a certain point, and from there it was replaced by superior goods.

Examples of essential goods

Examples of essential goods are:

1. The food contemplated in the basic food basket.
2. Basic services such as electricity, drinking water and gas.
3. Milk and products intended for infant feeding.
4. Ordinary clothing, which is not tailored or haute couture.
5. Over the counter drugs.
6. Basic household cleaning and daily care items.

References:

• “Prime necessity goods” in Wikipedia.
• “Essential goods” in Tarsso, legal effectiveness.
• “Essential goods” in LA Wi.

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