Inferior vs. Normal goods?

2 ⤊

Inferior vs. Normal goods?

Can anyone tell me the difference between inferior and normal goods AND give a few examples of each? For my economics class. Thanks :)

2006-09-08 10:28:55 · 2 answers · asked by ashley 1 in Education & Reference ➔ Homework Help

2 answers

Normal good: a good that as your income rises you typically consume more of. For instance steak dinners, books, TVs, computers.

Inferior good: a good that as your income rises you typically consume less of. For instance spam, baloney, ramen noodles.

2006-09-08 10:36:07 · answer #1 · answered by midwestbruin 3 · 1⤊ 1⤋

Normal goods = stuff we use everyday
Inferior goods = stuff we dont, or stuff that has spoiled, broken, or rendered obsolite

2006-09-08 10:35:16 · answer #2 · answered by Yukio Ichiro 2 · 1⤊ 1⤋