3 Tutorials that teach Types of Goods
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Types of Goods

Types of Goods

Author: Justin Tapp

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

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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.