MarketNecessity good
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Necessity good

In economics, a necessity good or a necessary good is a type of normal good, and they are usually classified as an inferior good. Necessity goods are product(s) and services that consumers will buy regardless of the changes in their income levels, therefore making these products less sensitive to income change. Necessity goods are goods or services which are indispensable to humans, such as food, water, or shelter. Necessity goods often do not have close substitute goods.

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