In economics, an inferior good is a good whose demand decreases when consumer income rises (or demand increases when consumer income decreases), unlike normal goods, for which the opposite is observed. Normal goods are those goods for which the demand rises as consumer income rises. This would be the opposite of a superior good, one that is often associated with wealth and the wealthy, whereas an inferior good is associated with lower socio-economic groups.

Property Value
dbo:abstract
  • In economics, an inferior good is a good whose demand decreases when consumer income rises (or demand increases when consumer income decreases), unlike normal goods, for which the opposite is observed. Normal goods are those goods for which the demand rises as consumer income rises. This would be the opposite of a superior good, one that is often associated with wealth and the wealthy, whereas an inferior good is associated with lower socio-economic groups. Inferiority, in this sense, is an observable fact relating to affordability rather than a statement about the quality of the good. As a rule, these goods are affordable and adequately fulfill their purpose, but as more costly substitutes that offer more pleasure (or at least variety) become available, the use of the inferior goods diminishes. Depending on consumer or market indifference curves, the amount of a good bought can either increase, decrease, or stay the same when income increases. (en)
dbo:thumbnail
dbo:wikiPageEditLink
dbo:wikiPageExtracted
  • 2019-10-18 05:20:57Z (xsd:date)
dbo:wikiPageHistoryLink
dbo:wikiPageID
  • 367831 (xsd:integer)
dbo:wikiPageLength
  • 8226 (xsd:integer)
dbo:wikiPageModified
  • 2019-10-18 05:20:46Z (xsd:date)
dbo:wikiPageOutDegree
  • 27 (xsd:integer)
dbo:wikiPageRevisionID
  • 921829792 (xsd:integer)
dbo:wikiPageRevisionLink
dbp:wikiPageUsesTemplate
dct:subject
rdf:type
rdfs:comment
  • In economics, an inferior good is a good whose demand decreases when consumer income rises (or demand increases when consumer income decreases), unlike normal goods, for which the opposite is observed. Normal goods are those goods for which the demand rises as consumer income rises. This would be the opposite of a superior good, one that is often associated with wealth and the wealthy, whereas an inferior good is associated with lower socio-economic groups. (en)
rdfs:label
  • Inferior good (en)
owl:sameAs
foaf:depiction
foaf:isPrimaryTopicOf
is dbo:wikiPageRedirects of
is foaf:primaryTopic of