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You are here: Home / Potpourri / Economics 101: What Is A Normal Good?

Economics 101: What Is A Normal Good?

Economics 101: What Is A Normal Good?

[This is part of the series: The Complete Guide To Economics 101.]

What is a normal good?

In economics, a Normal Good is a term for a good, or service, where demand for it increases as income increases.

This is the opposite of an inferior good.

And most things fall into the category of a normal good.

For example:

  • As one’s income increases, on average, one would probably buy more clothes.
  • As one’s income decreases, on average, one would probably buy fewer watches.
  • As one’s income increases, on average, one would probably buy more cars.
  • As one’s income decreases, on average, one would probably buy fewer computers.

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Filed Under: PotpourriTagged With: #Economics101

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