Normal and Inferior Goods

Watch this video about normal and inferior goods to better understand the different types of consumer products. Make sure that you go back to the reading in Unit 2.2 to learn about the terms normal and inferior goods. The term inferior good usually relates to the standing in quality that a product has in society. For example, fast food is normally considered to be on a lower quality standing than restaurant food. Thus, when the incomes of people rise, less fast food is consumed and more of restaurant food is consumed instead, making fast food the inferior good and restaurant food the normal good.
Last modified: Sunday, February 28, 2021, 4:53 AM