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In economics, normal goods are any goods for which demand increases when income increases, and falls when income decreases but price remains constant, i.e. with a positive income elasticity of demand.[1][2] The term does not necessarily refer to the quality of the good, but an abnormal good would clearly not be in demand, except for possibly lower socioeconomic groups.

In particular, when the price of a normal good is zero, the demand is infinite.

Depending on the indifference curves, the amount of a good bought can either increase, decrease, or stay the same when income increases. In the diagram below, good Y is a normal good since the amount purchased increases from Y1 to Y2 as the budget constraint shifts from BC1 to the higher income BC2. Good X is an inferior good since the amount bought decreases from X1 to X2 as income increases.

Examples include Holidays, Cars, diamonds, branded fashions, hi-tech products etc.

example of a normal good and an inferior good

See also[edit]

References[edit]


Original courtesy of Wikipedia: http://en.wikipedia.org/wiki/Normal_good — Please support Wikipedia.
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39 news items

 
TheStreet.com
Fri, 19 Sep 2014 07:03:45 -0700

Identifying stocks with 'Unusual Social Activity' tends to be a valuable process for traders looking to capitalize on the 'talk of the town' stocks that are basking in far more attention from the StockTwits financial community than normal. Good press ...
 
TheStreet.com
Fri, 19 Sep 2014 08:11:15 -0700

Identifying stocks with 'Unusual Social Activity' tends to be a valuable process for traders looking to capitalize on the 'talk of the town' stocks that are basking in far more attention from the StockTwits financial community than normal. Good press ...
 
TheStreet.com
Tue, 16 Sep 2014 08:00:00 -0700

Identifying stocks with 'Unusual Social Activity' tends to be a valuable process for traders looking to capitalize on the 'talk of the town' stocks that are basking in far more attention from the StockTwits financial community than normal. Good press ...
 
TheStreet.com
Tue, 16 Sep 2014 08:22:30 -0700

Identifying stocks with 'Unusual Social Activity' tends to be a valuable process for traders looking to capitalize on the 'talk of the town' stocks that are basking in far more attention from the StockTwits financial community than normal. Good press ...
 
TheStreet.com
Mon, 15 Sep 2014 08:00:00 -0700

Identifying stocks with 'Unusual Social Activity' tends to be a valuable process for traders looking to capitalize on the 'talk of the town' stocks that are basking in far more attention from the StockTwits financial community than normal. Good press ...
 
Jalopnik
Thu, 11 Sep 2014 11:26:32 -0700

Dynamic Mode also does all the normal, good dynamic things you want, like sharpen throttle response, stiffen the suspension and shift faster. It's also pretty customizable, which is awesome. And if you don't feel like being dynamic at the time but ...
 
Bloomington Pantagraph
Thu, 04 Sep 2014 05:02:29 -0700

Pastor Dave Berry harvests an armful of sweet corn last week in the community garden at Jacob's Well Community Church in Normal. Good conditions this summer have resulted in a bumper crop at community gardens, and much of the produce is being ...

Mother Jones

Mother Jones
Wed, 10 Sep 2014 03:03:31 -0700

"On a normal good year we have so much product we can't even harvest all of it," he said. Today, "I see a lot of uncertainty." Correction: An earlier version of this article stated that all nine fisheries had lower annual average catches than prior to ...
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