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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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SB Nation
Mon, 31 Aug 2015 10:58:36 -0700

Last year's Cotton Bowl champion Spartans played something more like normal good football, with a good defense and a really good offense, and it just wasn't the same. I wanted grueling, 14-0 wins over Purdue. Most distasteful of all, Michigan actually ...

cnweekly

cnweekly
Mon, 31 Aug 2015 16:26:15 -0700

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TheStreet.com
Mon, 31 Aug 2015 06:52:30 -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
Fri, 28 Aug 2015 07:03:45 -0700

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TheStreet.com
Thu, 20 Aug 2015 08:45:00 -0700

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Patheos (blog)
Sat, 29 Aug 2015 07:15:00 -0700

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TheStreet.com
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