“Inferior good.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/inferior%20good. Accessed 4 Oct. 2024. Copy Citation Share Post the Definition of inferior good to Facebook Facebook Share the Definition of inferior good on Twitter Twitter More...
inferior good noun :a commodity the consumption of which decreases as its price declines or as the income of consumers rises because of the increased income available to buy preferred though more expensive commodities The Ultimate Dictionary Awaits...
inferior good Wikipedia Related to inferior good:Giffen good,Income effect,Elasticity of demand,Income elasticity,Luxury good Any good that is consumed less as average incomes in an economy rise. Dictionary of Unfamiliar Words by Diagram Group Copyright © 2008 by Diagram Visual Information Limited ...
A classic example of inferior good is public transportation. When consumer income is low, people use the bus. If the economy grows and consumer income increases, people stop using the bus and buy cars instead. It makes sense to use the bus when people cannot afford a taxi or a car. But...
Inferior goods aren't always the same in different parts of the world. For example, something as simple as fast food may be considered an inferior good in the U.S., but it may be deemed a normal good for people in developing nations. A normal good is one whose demand increases when ...
Inferior good低档商品:a good whose demand drops when people's incomes rise. Normal good正常商品:a good whose demand rises when people’s income rise. Income effect收入效应:is the change in the quantity of goods purchased due to a change ...
The specific meaning ofinferioroften depends on what it’s applied to. If a product isinferiorto another one, it means it’s not as good. If a device hasinferiorbattery life, it means its battery doesn’t last as long as other devices. If a team is said to haveinferiortalent, it mea...
inferior (ɪnˈfɪərɪə) adj 1. lower in value or quality 2. lower in rank, position, or status; subordinate 3. not of the best; mediocre; commonplace 4. lower in position; situated beneath 5. (Botany) (of a plant ovary) enclosed by and fused with the receptacle so ...
The first is that a luxury good sees a rise in demand when the incomes of consumers rise. The second is that luxury goods are generally much more expensive than the average normal good and exponentially more expensive than an inferior good. What is the difference between normal and inferior ...
An inferior good in economics refers to a type of good whose demand decreases as consumer income rises, and vice versa. This contrasts with normal goods, where demand increases with rising income.