Inferior Goods
Knowledge Center
|
|
Inferior GoodsKnowledge Center |
10 items • 39.524 visits
Welcome to the knowledge center about Inferior Goods. Here you'll find a summary of Inferior Goods, but also:
Get access to all of our 900 knowledge centers about management. Join more than 1,000,000 other members.
What are Inferior Goods? Meaning.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 |
|
|||||||||||||||||||||||||||||||||||
| Return to Management Hub: Finance & Investing | Marketing & Sales More on Management | Return to Management Dictionary |
|
This ends our Inferior Goods summary and forum. |
About 12manage | Advertising | Link to us / Cite us | Privacy | Suggestions | Terms of Service
© 2023 12manage - The Executive Fast Track. V16.1 - Last updated: 21-3-2023. All names ™ of their owners.
Log in
Translate
8
1 comments
