Comments on: Different Types of Goods – Inferior, Normal, Luxury http://www.economicshelp.org/blog/economics/different-types-of-goods-inferior-normal-luxury/ Economics Blog - current events and economics essays Fri, 20 Nov 2009 12:34:39 -0600 http://wordpress.org/?v=2.8.6 hourly 1 By: Majara E http://www.economicshelp.org/blog/economics/different-types-of-goods-inferior-normal-luxury/comment-page-1/#comment-4833 Majara E Mon, 02 Nov 2009 16:52:03 +0000 http://www.economicshelp.org/blog/?p=790#comment-4833 most people like me for instance...tend to find a problem on how other countries have a good economic growth while others stragle alot. i believed that the course of that is when a country exports more than it imports. Argumentatively, is well known fact that all the resources are scarce but what accually is scarce about them regardless of the nature because is never enough for humans. is it possible for all the countries to have the stable economic growth to monotor and innovate a common currency hance poverty reduced??????? most people like me for instance…tend to find a problem on how other countries have a good economic growth while others stragle alot. i believed that the course of that is when a country exports more than it imports. Argumentatively, is well known fact that all the resources are scarce but what accually is scarce about them regardless of the nature because is never enough for humans. is it possible for all the countries to have the stable economic growth to monotor and innovate a common currency hance poverty reduced???????

]]> By: Shamsiah http://www.economicshelp.org/blog/economics/different-types-of-goods-inferior-normal-luxury/comment-page-1/#comment-4474 Shamsiah Wed, 30 Sep 2009 22:33:23 +0000 http://www.economicshelp.org/blog/?p=790#comment-4474 Speculative demand - potential buyers are interested not just in the satisfaction they may get from consuming the product, but also the potential rise in market price leading to a capital gain or profit Giffen Goods - special type of inferior good may exist, which disobeys the "law of demand". When the price of a Giffen Good decreases, the demand for that good decreases. This would have to be a good that is such a large proportion of a person or market's consumption that the income effect of a price increase would produce, effectively, more demand. The observed demand curve would slope upward, indicating positive elasticity. Complementary goods - are said to be in joint demand e.g. fish and chips, DVD players and DVDs, iron ore and steel. People generally purchase both goods together therefore a rise in the price of a complement to Good X should cause a fall in the demand for X and therefore good Y- A change in the demand for these goods will directly affect the demand for their complementary goods. The extent to which a change in the price of one good leads to a change in the demand for a complement is determined by the cross-price elasticity of demand. Speculative demand – potential buyers are interested not just in the satisfaction they may get from consuming the product, but also the potential rise in market price leading to a capital gain or profit
Giffen Goods – special type of inferior good may exist, which disobeys the “law of demand”. When the price of a Giffen Good decreases, the demand for that good decreases. This would have to be a good that is such a large proportion of a person or market’s consumption that the income effect of a price increase would produce, effectively, more demand. The observed demand curve would slope upward, indicating positive elasticity.

Complementary goods – are said to be in joint demand e.g. fish and chips, DVD players and DVDs, iron ore and steel. People generally purchase both goods together therefore a rise in the price of a complement to Good X should cause a fall in the demand for X and therefore good Y- A change in the demand for these goods will directly affect the demand for their complementary goods.

The extent to which a change in the price of one good leads to a change in the demand for a complement is determined by the cross-price elasticity of demand.

]]> By: ZAIN http://www.economicshelp.org/blog/economics/different-types-of-goods-inferior-normal-luxury/comment-page-1/#comment-4077 ZAIN Fri, 28 Aug 2009 16:00:01 +0000 http://www.economicshelp.org/blog/?p=790#comment-4077 where is others types where is others types

]]> By: Rodney Zinyengete http://www.economicshelp.org/blog/economics/different-types-of-goods-inferior-normal-luxury/comment-page-1/#comment-3843 Rodney Zinyengete Wed, 15 Jul 2009 13:19:48 +0000 http://www.economicshelp.org/blog/?p=790#comment-3843 what are the effects elasticity on consumer goods and capital gods giving examples of the consumer and the capital goods? what are the effects elasticity on consumer goods and capital gods giving examples of the consumer and the capital goods?

]]> By: Gerald Lawrence Namakhwa http://www.economicshelp.org/blog/economics/different-types-of-goods-inferior-normal-luxury/comment-page-1/#comment-2450 Gerald Lawrence Namakhwa Wed, 28 Jan 2009 06:56:34 +0000 http://www.economicshelp.org/blog/?p=790#comment-2450 What are the definitions for Giffen,Bads and Complement Goods? What are the definitions for Giffen,Bads and Complement Goods?

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