+
3 Tutorials that teach Types of Goods
Take your pick:
Types of Goods

Types of Goods

Rating:
Rating
(0)
Author: Justin Tapp
Description:

This lesson will explain the economic perspective on types of goods.

(more)
See More
Try a College Course Free

Sophia’s self-paced online courses are a great way to save time and money as you earn credits eligible for transfer to over 2,000 colleges and universities.*

Begin Free Trial
No credit card required

26 Sophia partners guarantee credit transfer.

226 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 21 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.

Tutorial

Notes on "Types of Goods"

Terms to Know

Normal Goods

Goods for which demand increases as income increases.

Inferior Goods

Goods for which demand decreases as income increases.

Veblen Goods (conspicuous consumption)

Goods for which consumption increases as income increases because consumers wish to establish stature and prestige.

Giffen Goods

A good for which the demand increases with price and falls as price decreases.

Luxury Goods

A good that offers better quality and features which is consumed when income rises.