A high standard of living does not necessarily guarantee a high quality of life. While a high standard of living provides better access to necessities, healthcare, and leisure, quality of life depends on more personal and subjective factors, like life satisfaction, personal freedom, and happiness...
What is the difference between Need and Necessity? • Necessity is a pressing need for something. • Need is something that requires fulfillment. • We need food and water to survive, and they are also called necessities. • However, there are also emotional and social needs that are ...
Also Read: Difference Between Tax Avoidance and Tax EvasionAdvantages and Disadvantages of Indirect TaxAdvantagesMajor source of revenue: As indirect taxes are imposed on the price of goods and services, which include both necessities and luxuries, consumed by a large group of people around the ...
The demand is said to be inelastic when the demand for the given product or service does not change in response to the fluctuations in price. Such a demand is not much sensitive to price. Items for need or necessities are the goods that have inelastic demand, i.e. water, salt, soap, ...