This article defines a property of goods: a property that makes sense in the context of a good being bought and sold, and evaluated from the perspective of the buyer, seller, or others affected by it.
View other properties of goods
An ordinary good is a good satisfying the law of demand, which can be stated in the following equivalent forms:
Relation with other properties
- Normal good: A good for which the income elasticity of demand is positive (or, at least, nonnegative): as income increases, demand for the good either increases or stays constant.