Types of Goods With Example-Economics
Normal goods:
Normal goods - the quantity demanded of such commodities increases as the consumer’s income increases and decreases as the consumer’s income decreases. Such goods are called normal goods.
Example of Types of Goods: Bread, Clothings etc
Giffen goods:
Giffen goods - a Giffen good is an inferior good which people consume more of as price rises, violating the law of demand.. In the Giffen good situation,...
