Goods and services that are considered to be essential to life, such as food, water, shelter, and medical care. Demand for necessities tends to be inelastic, since people will have to purchase at least a certain amount of these goods and services no matter how much the price increases.

Use necessities in a sentence

You should always try and keep to the necessities when you do not have that much space in your work place.

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The cost of living has increased so much that people are going broke just buying basic necessities needed to survive every day life.

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We had trimmed our budget to the point where were spending almost no money on things outside of the basic necessities, and as a result our debt load finally shrunk.

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consumer discretionary elastic demand