Essential in its literal sense relates to the basic needs of human beings for them to survive and sustain in the world. This is clearly what the Mashlow’s hierarchy of needs states that every human being in order to sustain requires food, shelter and clothing as basic amenities. Given the evolution of human beings, every such commodity needs to be earned by every individual. This further led to a systemized manner in which a governing authority can take over the mechanism to regulate the sale and purchase of these commodities in the economy.
The pandemic had pushed each and everyone to understand the complexities that may arise and the essentials one might require. The most essential out of these were daily use products, mainly food commodities. With the rising need of such commodities and limited supply, there was a drastic shortage of many such products.
This started with the pandemic approaching but today has a lasting impact on every household, with the drastic surge the prices commodities have reached. Wherein the matter is about goods which are Luxuries for many the shortage in supply can still be understood, but when it is about the Essential Commodities, it may have drastic consequences challenging survival and sustenance of human beings.
The scope of this article is to analyse the role of the government, economic ambit and global scenario in the context of Demand, Supply and Price matrix of Essential Commodities with the help of existing laws which govern the same in nations.
