Inferior good
An inferior good is one the consumption of which falls as incomes rise: it has a negative income elasticity of demand. This contrasts with a normal good, the consumption of which increases as incomes rise.
Inferior goods
Products that are less in demand as consumers get richer. For NORMAL GOODS, DEMAND increases as consumers have more to spend.
Inflation ...
Inferior good Goods for which demand falls as income rises.
Inflation The situation in which the average of all prices of goods and services in an economy is rising.
inferior good a good for which demand decreases when income rises and increases when income falls. (3)
inflation an increase in the overall price level. (1) ...
Inferior good - A good for which income elasticity is negative.
Inflation - A rise in the average level of all prices.
Inflation accounting - A method of reporting that allows for the financial effects of changes in the price level.
INFERIOR GOOD: A good for which an increase in income causes a decrease in demand, or a leftward shift in the demand curve. If demand decreases as income increases, it is an inferior good, or a good with a negative income elasticity of demand.
Inferior Good
A type of good for which demand declines as the level of income or real GDP in the economy increases. This occurs when a good has more costly substitutes that see an increase in demand as the society's economy improves.
Inferior good
A good the demand for which falls as income rises. The income elasticity of demand is therefore negative.
Inflation ...
Consumer goods can also be classified as normal goods or inferior goods. Inferior goods, generally the exception, are those consumer goods for which demand falls as income rises.
As real income rises, people buy more of some goods (which economists call 'normal goods') and less of others (called 'inferior goods'). Urban mass transit and railroad transportation are classic examples of inferior goods.
Definition: An increase in income results in a fall in demand for the good. A Giffen good is an extreme form of inferior good. It arises because the income effect is opposite to and outweighs the substitution effect.
Related glossary term: ...
In the diagram below, good Y is a normal good since the amount purchased increased as the budget constraint shifted from BC1 to the higher income BC2. Good X is an inferior good since the amount bought decreased as the income increases.
less and therefore banks will be getting less money through loans. Vices are a luxury item. With ticket prices around 10 dollars, people with less disposable income will tend to attend these types of events. Think international or inferior goods! ...
 See also: Elasticity, Elastic, Income effect, Elasticity of demand, Substitution
  
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