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In economics, a necessity good or a necessary good is a type of normal good. Necessity goods are product(s) and services that consumers will buy regardless of the changes in their income levels, therefore making these products less sensitive to income change. [ 1 ]
The word "luxury" derives from the Latin verb luxor meaning to overextend or strain. From this, the noun luxuria and verb luxurio developed, "indicating immoderate growth, swelling, ... in persons and animals, willful or unruly behavior, disregard for moral restraints, and licensciousness", and the term has had negative connotations for most of its long history. [2]
In his philosophy, Hegel ventured to describe quite a few cases of "unity of opposites", including the concepts of Finite and Infinite, Force and Matter, Identity and Difference, Positive and Negative, Form and Content, Chance and Necessity, Cause and effect, Freedom and Necessity, Subjectivity and Objectivity, Means and Ends, Subject and ...
The opposite of scarcity is abundance. Scarcity plays a key role in economic theory, and it is essential for a "proper definition of economics itself". [3] "The best example is perhaps Walras' definition of social wealth, i.e., economic goods. [3] 'By social wealth', says Walras, 'I mean all things, material or immaterial (it does not matter ...
Instead it means that all people can easily have their basic survival needs met along with some significant proportion of their desires for goods and services. [3] Writers on the topic often emphasize that some commodities will remain scarce in a post-scarcity society. [4] [5] [6] [7]
Chance and Necessity: Essay on the Natural Philosophy of Modern Biology (French: Le Hasard et la Nécessité: Essai sur la philosophie naturelle de la biologie moderne) is a 1970 book by Nobel Prize winner Jacques Monod.
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Contingency is one of three basic modes alongside necessity and possibility. In modal logic, a contingent statement stands in the modal realm between what is necessary and what is impossible, never crossing into the territory of either status. Contingent and necessary statements form the complete set of possible statements.