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3 Tutorials that teach Types of Goods
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Types of Goods

Types of Goods

Author: Catherine Barry
Description:

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

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Tutorial

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.