Problem

If a family of three earned $20,000, would they b…

01:03

Problem 30 Medium Difficulty

What goods and services would you include in an estimate of the basic necessities for a family of four?

Answer

Initially basic necessity was considered to be food, clothing and place to live but now with changing times there are few more addition to the list of basic necessities i.e. health, cleanliness and sanitation, education and access to technology.

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Principles of Microeconomics for AP® Courses

Chapter 14

Poverty and Economic Inequality

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Hassan A.

October 23, 2020

Which of the following would be counted as gross private domestic investment? a. General Motors issues 1 million shares of stock. b. Consolidated Construction purchases 1,000 acres of land for a regional shopping center it plans to build in a few years. c

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Video Transcript

everyone. Today we're answering problem number 30 from chapter 14 of the textbook, which asks us what goods and service is. Would you include in an estimate of the basic necessities for a family of four. So when we're discussing basic necessities for a family, you have to think about what types of goods or services will be required in the household for a family, while clearly at first doing me, obviously, food and water, the food, water, obviously the house itself. So some some form of shelter and then also clothes. Those are often considered basic necessities. Food should be like eggs, butter, milk, um, toast things like that on dhe. Yeah, so those air like your basic necessities that you typically need for a family. But since we are in the 21st century, we have to think about this question of more modern reference. 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 also 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 WiFi. So is there some other examples of how, in the modern day with the changing times where we're no longer simple people? I mean, some people may say we're still simple, but we definitely are using more technology, for instance, and education health for are a lot of times considered universal rights for people and necessities. Essentially. So because of that, we also have to include this list right here. So these air probably the items that come to your mind at first when we think about this question, but also remember that with changing times and with our more modern life. So all right, with more modern life or rather modern times, we realize that our basic necessities have actually expanded. So there you have it. If you guys enjoy this video explanation, please have the life and next to it. I hope you all have a nice day. And thank you for watching

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Steven A. Greenlaw, David Shapiro, Timothy Taylor

Principles of Microeconomics for AP® Courses

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Problem

If a family of three earned $20,000, would they b…

Problem 30 Medium Difficulty

What goods and services would you include in an estimate of the basic necessities for a family of four?

Answer

Initially basic necessity was considered to be food, clothing and place to live but now with changing times there are few more addition to the list of basic necessities i.e. health, cleanliness and sanitation, education and access to technology.

Related Courses

Principles of Microeconomics for AP® Courses

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Watch More Solved Questions in Chapter 14

Video Transcript

Steven A. Greenlaw, David Shapiro, Timothy Taylor

Principles of Microeconomics for AP® Courses

Initially basic necessity was considered to be food, clothing and place to live but now with changing times there are few more addition to the list of basic necessities i.e. health, cleanliness and sanitation, education and access to technology.

Principles of Microeconomics for AP® Courses

Steven A. Greenlaw, David Shapiro, Timothy TaylorPrinciples of Microeconomics for AP® Courses

Steven A. Greenlaw, David Shapiro, Timothy Taylor

Principles of Microeconomics for AP® Courses