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Essential and Luxury Goods and Services
Transcript of Essential and Luxury Goods and Services
A presentation by Isaac D.
Essential goods are physical objects that you can touch and hold that are needed and necessary for survival.
Example Of Essential Goods
Essential goods may include food, water, shelter, clothing and medicine as these goods are essential for survival.
Luxury goods are not needed for survival, and are things that the consumer wants but does not need.
Further Explanation of Essential Goods
For example Shelter is an essential good because you cannot live without it.
And food and water are essential goods because you can also not live without them.
Examples of Luxury Goods
Examples of luxury goods include, cell phones, televisions, computers, pets and jewelery are all examples of luxury goods because they are not needed for survival.
Further explanation of luxury goods
For example video games are an example of a luxury good because you can live without them.
In the same way jewelery is a good example of a luxury good because although it looks good its not edible and so you can live without it.
Examples of Essential services
Further Explanation of Essential Services
Essential services are services that are needed for survival and or safety and you cannot live without.
Examples of essential services may include but are not limited to a builder, a plumber an electrician, the hospital and an education are all essential services that are needed to keep you alive and healthy.
For example the hospital is an essential service because it helps keep people alive and healthy.
Further Explanation of Luxury Services
Examples of Luxury Services
Luxury services are things that are useful and may help us but are not necessary for survival, for example: Internet, Cable and a Hairdresser
An example of a luxury service is a paved driveway, although this is nice it is not essential for survival.
Luxury services are services that may be nice but are not necessary for survival.