Inferior good: Difference between revisions
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==Definition== | ==Definition of inferior goods== | ||
An inferior good is one that people buy less of as their income increases. Any product whose demand falls as people's incomes rise is an inferior good. They may also be associated with people from lower socioeconomic backgrounds. | An inferior good is one that people buy less of as their income increases. Any product whose demand falls as people's incomes rise is an inferior good. They may also be associated with people from lower socioeconomic backgrounds. | ||
Revision as of 17:09, 14 November 2022
Definition of inferior goods
An inferior good is one that people buy less of as their income increases. Any product whose demand falls as people's incomes rise is an inferior good. They may also be associated with people from lower socioeconomic backgrounds.
Author: Sonia María Soriano Marín
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