Explain,in Brief,the Concept of "Necessaries of Life

question 61

Essay

Explain,in brief,the concept of "necessaries of life."

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Definitions:

Insufficient Demand

A situation where the quantity of a product or service sought by buyers is less than the quantity supplied.

Laid Off

The termination of employment typically due to reduction in workforce by a company as a cost-saving measure.

Wages And Salaries

Compensation paid to employees for their labor, either on an hourly (wages) or fixed salary basis.

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity levels, allowing for more accurate comparisons and planning.