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.
An exploration of the concept of 'Inferior,' referring to products or services that are lower in quality compared to what is considered standard. This article covers historical context, key events, explanations, examples, and more.
Inferior goods are products whose demand decreases as consumer income rises, contrasting with normal goods. Learn about the characteristics, types, and examples of inferior goods, as well as their implications in economics.
