Inferior-good definition

(economics) A good that decreases in demand when consumer income rises; having a negative income elasticity of demand.

Cheap, low-quality goods (such as canned food) are inferior goods for many people. The more money they have, the less they purchase those goods.

noun
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Giffen good.
hyponyms
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Other Word Forms

Noun

Singular:
inferior-good
Plural:
inferior goods