0
What is the difference between an economic luxury and an economic necessity?
Wiki User
∙ 16y ago
An elecomic luxury is wasting land on pools huge garden,etc.And an economic necessity is when you need a certain amount of space (houses)to make something totally necessary (to live in)
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
The difference between essential and luxury goods?
essential-needed to survive luxury-wanted
Are business ethics a necessity or a luxury?
there are none
What kind of elastic demand does electricity belong?
It depends on whether electricity is necessity or luxury. In the US where electricity is a necessity, the demand is likely to be inelastic In Africa where electricity is luxury, the demand is likely to be elastic
Environmental protection is a luxury and economics is a necessity?
This is not true because if economics is important then environmental protection must be important also. If the environment is left to be freely degraded, economic activities become disabled, not to mention that our lives would become in threat.
Give an appropriate example of the product or service that can distinguish between needs and wants?
want is just a desire. it's basically a luxury you can live without. a need is a necessity it requires supply or relief.
Mobile phone is luxury or necessity?
the answer is that some people think it is a necessity, but it used to be a luxury in the 80's
Difference between Demand Want and Desire?
Want - something nice to have, perhaps even a luxury Need - necessity to carry out your tasks in day to day life Desire - a heartfelt longing
The difference between essential and luxury goods?
essential-needed to survive luxury-wanted
Are business ethics a necessity or a luxury?
there are none
Necessities and luxuries?
Is orthodoncia a luxury or a necessity
Was a phonograph a luxury good or a necessity good?
For most homes the phonograph was a luxury good. However, for a radio broadcasting station the phonograph was a necessity good.
Is dining room furniture considered a luxury or a necessity?
If you often have guests at your house, and you prefer a formal dinner, than it is a necessity. Otherwise, it can be considered a luxury.
Being ethical in business is no longer a luxury?
being ethical in business is no longer a luxury. it a necessity
What is the difference between luxury cottages and normal cottages?
The difference between a luxury cottage and a normal cottage is the size. A luxury cottage is larger then a normal cottage, which is rather small. One can buy, rent, or take a vacation in either cottage.
What is the difference between a deluxe and a luxury hotel?
Luxury means high standard quality including all specialities
What kind of elastic demand does electricity belong?
It depends on whether electricity is necessity or luxury. In the US where electricity is a necessity, the demand is likely to be inelastic In Africa where electricity is luxury, the demand is likely to be elastic
How does a persons perception of a good is a necessity or a luxury affect his or her purchase of it?
a good that is perceived as a necessity will be purchased even if the price rises
