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Chapter 15: Q.30 (page 378)

What goods and services would you include in an

estimate of the basic necessities for a family of four?

Short Answer

Expert verified

Food, water, shelter, cloths and transportation

Step by step solution

01

Step 1. Meaning 

Necessities or essential goods are those without them an individual can't survive, they are very basic & survival needs.

02

Step 2. Explanation 

Goods and services that could be included in an

estimate of the basic necessities for a family of four is meal to eat, clothes to wear, water to drink, shelter to survive are basics goods.

03

Step 3. Explanation 

Transportation would be a necessary service for traveling long distances in order to earn money.

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Most popular questions from this chapter

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Suppose there are two possible income distributions in a society of ten people. In the first distribution, nine people would have incomes of \(30,000 and one person would have an income of \)10,000. In the second distribution, all ten people would have incomes of $25,000.

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