Examples of Inelastic Goods

Inelastic goods are those goods, the demand for which remains change constant and it is not effected by changes in price. If price for a product rises than also its demand remains more or less same and therefore companies selling such products can raise the price without worrying about demand. The main reason behind their demand behind being inelastic is either they do not have close substitutes or because they are indispensable. Given below are some of the examples of inelastic goods or products –

  1. Life saving Medicines
  2. Addictive things like drugs and cigarettes
  3. Fuel                 
  4. Food products like Milk, Salt, rice, wheat, fish etc…
  5. Precious items like famous artist painting, antique vase, celebrity accessory and so on.
  6. Electricity
  7. Books
  8. Paper Products
1 comment… add one
  • Vinayak

    I like this blog. Easy economic knowledge for beginners. Pls keep posting.

Leave a Comment

Related pages

product bundling pricing examplediscounting bill of exchangebill discounting without recoursesystematic and unsystematic riskbarter system examplesdefinition of marginal costingdemerits of international tradewhat are crossed chequesnostro account definitiondisadvantages democracyadjusting journal entries unearned revenuepros and cons of mergers and acquisitionswhat does proprietors meanlaf meaningwhat does penetration pricing meandisadvantages of functional organizational structureadvantages of autocratic leadership styleindustrial goods definitionideal cibil scorestrengths and weaknesses of capitalismjournal entry for outstanding expensesadvantages and disadvantages of mergers and takeoversexamples monopolistic competition companiesdifference between msf and bank ratecrr and slr differenceadvantages of competitor based pricingcapitalism advantagesdefine complementary goodswhat is difference between trial balance and balance sheetwhat are durable and nondurable goodsdistinguish between capital expenditure and revenue expenditureadvantages of money launderingadvantages and disadvantages of urban and rural lifedebit card advantagesb2b disadvantageswhat are the advantages of a command economycapitalism socialism mixed economydifference between cash credit and overdraftdisadvantage of break even analysisadvantages and disadvantages of b2binferior goods definition economicsmeaning of current liabilitiesdisadvantage of vertical integrationfor a monopolistic competitorloan accounting journal entriesprepaid journal entryface value of bhel sharefictitious asset meaninghorizontal analysis of a balance sheetmonopoly oligopolydividend investopediaadvance from customer journal entrywhat is implicit and explicit costdifference between substitutes and complementswhat are examples of inferior goodsfdi ka full formdifference between freight and cartagedisadvantages of living in mexicoprivatationscomplementary goodsmeaning of balance sheet in hindiwhat is sundry assetssocialism advantagescash inflowsbenefits of centrally planned economyadvantage of a mixed economymerits and demerits of socialist economydemand loanscapital convertibilitymeaning of merits and demeritswhat is the difference between accounts payable and receivablemateriality concept examplewhat are the advantages and disadvantages of a market economydifference between import tariff and import quotawhat is the difference between systematic and unsystematic riskdemerits of globalisationdifference between cash credit and overdraftadvantages of jitcheque definesubstitute goods and complementary goods examplesjournal entry to record deferred revenueforex reserves meaning