Editing Inferior good (section)

== Description ==
{{income_elasticity_of_demand_graph.svg}}
In [[economics]], inferior goods are goods whose demand decreases when consumer income rises (or demand increases when consumer income decreases).<ref>[[Greg Mankiw|Mankiw, N. Gregory]], [http://www.cengage.com/search/productOverview.do?Ntt=brief+principles+of+macroeconomics+mankiw%7C%7C5522134892282691320838926911398239984&N=16+4294959657&Ntk=all%7C%7CP_EPI&Ntx=mode%2Bmatchallpartial Principles of Economics], South-Western Cengage Learning, 2012, p.70</ref><ref name=":0">{{Cite book |last=Varian |first=Hal R. |title=Intermediate microeconomics : a modern approach |publisher=W. W. Norton |year=2014 |isbn=9780393919677 |edition=Ninth |location=New York |pages=96 |oclc=879663971}}</ref> This behaviour is unlike the [[supply and demand]] behaviour of [[normal good]]s, for which the opposite is observed;<ref>{{cite web |title=Economics A–Z: Inferior goods |url=http://www.economist.com/economics-a-to-z/i#node-21529833 |access-date=17 August 2016 |publisher=The Economist}}</ref> normal goods are those goods for which the demand rises as consumer income rises.<ref name=":0" /><ref>{{Citation |last1=O'Sullivan |first1=Arthur |title=Economics: Principles in Action |pages=87 |year=2003 |location=Upper Saddle River, New Jersey 07458 |publisher=Pearson Prentice Hall |isbn=0-13-063085-3 |last2=Sheffrin |first2=Steven M. |author-link=Arthur O'Sullivan (economist)}}</ref>

Inferiority, in this sense, is an observable fact relating to affordability rather than a statement about the quality of the good. As a rule, these goods are affordable and adequately fulfil their purpose, but as more costly substitutes that offer more utility become available, the use of the inferior goods diminishes. Direct relations can thus be drawn from inferior goods to socio-economic class. Those with constricted incomes tend to prefer inferior goods for the reason of the aforementioned observable inferiority.<ref>{{Cite web |last=Kenton |first=Will |title=Inferior Goods Definition |url=https://www.investopedia.com/terms/i/inferior-good.asp |access-date=2021-04-23 |website=Investopedia |language=en}}</ref>

Depending on consumer or market [[indifference curve]]s, the amount of a good bought can either increase, decrease, or stay the same when income increases.<ref name=":0" />