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
Normal goods are in contrast with inferior goods.
Relation with other properties
- Ordinary good: A good for which demand decreases with an increase in price.
- 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.