Vipul: New page: {{good property}} ==Definition== A '''normal good''' is a good for which an increase in income or purchasing power leads to an inrcease, or at any rate no decrease, in demand...

2009-01-28T00:47:55Z

New page: {{good property}} ==Definition== A '''normal good''' is a good for which an increase in income or purchasing power leads to an inrcease, or at any rate no decrease, in demand...

New page

{{good property}}

==Definition==

A '''normal good''' is a [[good]] for which an increase in [[income]] or [[purchasing power]] leads to an inrcease, or at any rate no decrease, in demand.

Normal goods are in contrast with [[inferior good]]s.

==Relation with other properties==

===Similar properties===

* [[Ordinary good]]: A good for which demand decreases with an increase in price.

===Opposite properties===

* [[Inferior good]]: A good for which demand decreases with an increase in income, because buyers switch to superior substitutes.
* [[Giffen good]]: An inferior good for which demand increases with an increase in price, because the increase in price reduces purchasing power enough for more of a switch towards the inferior good.

Normal good - Revision history

Vipul: New page: {{good property}} ==Definition== A '''normal good''' is a good for which an increase in income or purchasing power leads to an inrcease, or at any rate no decrease, in demand...