00:01
Hey everyone, today we're answering problem number 30 from chapter 14 of the textbook, which asks us, what goods and services would you include in an estimate of the basic necessities for our family and four? so when we're discussing basic necessities for a family, you have to think about what types of goods or services would be required in a household for a family.
00:22
Well, clearly, at first, you need obviously food and water.
00:31
So food, water, obviously the house itself, so some form of shelter, and then also clothes.
00:41
Those are often considered basic necessities.
00:44
Food should be like eggs, butter, milk, toast, things like that.
00:51
And yeah, so those are like your basic necessities that you typically need for a family.
00:56
But since we are in the 21st century, we have to think about this question in a more modern reference.
01:01
So when we think about it in that way with the changing times, we realize that there are some other additional basic necessities so if you think about it for your children, you need education for children that could be basic necessity also for the entire family you might need health care family something else that you might need if we think about it nowadays since we're always on our phones and computers you need access to phones and computers along with that wi -fi...