What are Normal Goods?
- Products that experience an increase in demand when a consumer’s income increases.
Life Application/Analogy
If I wanted to travel but did not make enough money to buy tickets, then my demand for tickets would be low. However, if I get promoted at work and experience an increase in salary then I will also have a greater demand for these tickets that I can now afford.
Best Examples of Normal Goods
- Electronics
- Designer Clothing
- Jewelry
- Organic Food
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