Giffen Good is an economic term for a good whose quantity demanded decreases as its price falls, contrary to the basic law of demand. This phenomenon occurs under specific conditions such as the good being inferior with limited substitution possibilities.
A comprehensive definition and exploration of normal goods, which are items for which demand rises as consumer income increases, under ceteris paribus conditions.
The Substitution Effect in economics describes the change in consumption patterns due to a change in the relative prices of goods, encouraging consumers to replace one good with another as the prices fluctuate.
An in-depth exploration of Demand Theory, detailing its principles in Economics, analysis of consumer behavior, and real-world applications.
A detailed exploration of derived demand in economics, including its definition, calculations, and practical applications in various markets.
