Online College Courses for Credit

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

Types of Goods

Author: Catherine Barry

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

See More
Fast, Free College Credit

Developing Effective Teams

Let's Ride
*No strings attached. This college course is 100% free and is worth 1 semester credit.

29 Sophia partners guarantee credit transfer.

310 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 27 of Sophia’s online courses. Many different colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.


Notes on "Types of Goods"

Terms to Know

Normal Goods

Goods for which demand increases as incomes increases.

Inferior Goods

As income increases, the demand for less expensive goods decreases.

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 consumer when income rises.