Question

A pair of stylish sneakers could be considered a because it is not a necessity.

Answer 1

A pair of stylish sneakers can be considered a ‘luxury good’.

In economics, ‘luxury goods’ are goods that are not a necessity, but which have demand because, people have the money to buy such goods. Whereas ‘necessity goods’ are those which are necessary for day to day living. The higher their demand, the lower their price elasticity. Examples of ‘necessity goods’ are food, water, fuel etc.

Answer 2

"A pair of stylish sneakers could be considered a want because it is not a necessity.

Want is known as desires in economics. One person can have unlimited wants but these wants are not necessary ingredients for sustaining in capitalist societies.  

Every want cant be fulfilled because of limited source of income.

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