staple product

staple product

any product the consumption of which does not vary much with changes in INCOME, for example, basic foodstuffs like potatoes and bread. Staple products have an INCOME ELASTICITY OF DEMAND of less than 1. This means that as incomes rise, proportionally less income is spent on such products. Contrast LUXURY PRODUCTS. See also ENGEL's LAW, NORMAL PRODUCT, INFERIOR PRODUCT, GIFFEN GOOD.
References in periodicals archive ?
The hikes come when a 2kg packet of maize flour is at Sh120 up from Sh90 following the end of a government subsidy on the staple product last month.
Boys' black stockings bearing a battleship trademark and the sturdy brand name "Iron Clad" became the mill's staple product.
40) Specifically, basmati rice is a staple product comprising the main source of carbohydrates for many Indians and Pakistanis.
And I know our customers feel the same way," says Kwait, adding that with restored marketing support Quinsana could once again become a staple product for many drug stores across the country.
ClickPress, Wed Apr 15 2015] Dominated by staple product formats, tissue and hygiene continued to record growth during the review period, despite the negative economic environment.
Supermarkets have no business trying to drive down the price of such a basic, staple product.
Chicken is a staple product in the Peruvian diet and the country produces 500,000 Metric Tonnes a year with corn accounting for 68 per cent of chicken feed.
Tofu originated in China approximately 2,000 years ago, and arrived in Japan, no doubt hand in hand with Buddhism, around the eighth century, and has been a staple product there ever since.
Ten years on, the diffusers remain a staple product for the company, and are available now, as then, in sizes up to 60" diagonal, produced through embossing, casting or moulding.
Reports suggest that short-term demand may rise for southern pine, a staple product in the South and one that will most likely be in short supply because of the hurricane's closure of mills there, Church said.
Term life insurance has been a staple product offering of the life insurance industry for over 20 years.
Hector Camberos, chief executive officer of DAK Americas, said the company can no longer absorb the increases in global prices of polyester ingredients in the costs of its polyester staple product line.