"It is common to distinguish necessaries, comforts, and luxuries; the first class including all things required to meet wants which must be satisfied, while the latter consist of things that meet wants of a less urgent character"
- Alfred Marshall
About this Quote
This quote by Alfred Marshall is describing the 3 various sorts of items that people acquisition. Necessaries are items that are called for to satisfy basic needs, such as food, apparel, and shelter. Conveniences are goods that are not essential for survival, yet are still important for a comfy life, such as furniture, devices, and also home entertainment. Deluxes are items that are not important for survival or convenience, but are still desired by individuals, such as fashion jewelry, expensive autos, and also holidays. Marshall is suggesting that individuals prioritize their investing on goods that fulfill their most immediate needs initially, and afterwards proceed to goods that meet their less urgent demands.
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