Inelastic goods are those goods, the demand for which remains change constant and it is not effected by changes in price. If price for a product rises than also its demand remains more or less same and therefore companies selling such products can raise the price without worrying about demand. The main reason behind their demand behind being inelastic is either they do not have close substitutes or because they are indispensable. Given below are some of the examples of inelastic goods or products –
- Life saving Medicines
- Addictive things like drugs and cigarettes
- Food products like Milk, Salt, rice, wheat, fish etc…
- Precious items like famous artist painting, antique vase, celebrity accessory and so on.
- Paper Products