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History
Normal good
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In economics, a normal good is a type of a good which experiences an increase in demand due to an increase in income, unlike inferior goods, for which the opposite is observed. When there is an increase in a person's income, for example due to a wage rise, a good for which the demand rises due to the wage increase, is referred as a normal good. Conversely, the demand for normal goods declines when the income decreases, for example due to a wage decrease or layoffs.
The graph shows the change in demand for both normal goods and luxury goods due to a change in income. When the income rises from 500 to 700, the quan
The graph shows the change in demand for both normal goods and luxury goods due to a change in income. When the income rises from 500 to 700, the quantity demanded for normal goods rises from 800 to 900.
Economics
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Economics is a social science that studies the production, distribution, and consumption of goods and services.
A 1638 painting of a French seaport during the heyday of mercantilism
A 1638 painting of a French seaport during the heyday of mercantilism
The publication of Adam Smith's The Wealth of Nations in 1776 is considered to be the first formalisation of economic thought.
The publication of Adam Smith's The Wealth of Nations in 1776 is considered to be the first formalisation of economic thought.
The Marxist critique of political economy comes from the work of German philosopher Karl Marx.
The Marxist critique of political economy comes from the work of German philosopher Karl Marx.
John Maynard Keynes was a key theorist in economics.
John Maynard Keynes was a key theorist in economics.