Inferior Goods
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Inferior GoodsKnowledge Center |
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Welcome to the Inferior Goods center of 12manage.
Here we exchange knowledge and experiences in the field of Inferior Goods.
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What are Inferior Goods?Inferior Goods are goods or services for which an increase in income results in a fall in the amount bought e.g. bread, canned vegetables, and bus transportation. These products will have a negative income elasticity of demand. A positive increase in income leads to a negative change in demand. An inferior good decreases in demand when the consumer's income rises, unlike Normal Goods, for which the opposite is observed. Inferiority, in this sense, is an observable fact rather than a statement about the quality of the good.
Compare also: Activity Based Costing |
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