Difference between revisions of "Normal good"
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A normal good is also known as a [[superior good]]. | A normal good is also known as a [[superior good]]. | ||
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Latest revision as of 16:46, July 13, 2016
A normal good is one whose consumption increases as money income increases, assuming the price of the good remains constant. Conversely, the consumption of a normal good decreases as money income of consumers decreases. Consumer goods are usually normal.
This term is easy to remember because a normal good typifies what is "normal" in response to increases or decreases in income of consumers.
A normal good is also known as a superior good.
