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Normal good

In economics, a normal good is a type of a good for which consumers increase their 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.…

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Map overview Semantic statistics

Normal good

Nodes15
Edges14
Triples34
Avg. degree1.87
Density0.133333
Components1

How this topic connects Entity context

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Normal good

Top relations

related to Comparison with luxury goods · 11
Normal good → For, However, Levis, Luxury, On, Other, Practically, Soviet Union, The, This, United States
related to Normal goods and consumer behaviour · 8
Normal good → According, Economic, In, Individual, The, Therefore, This, When
related to Examples · 5
Normal good → As, For, However, Pinto, Piros
related to Analysis · 4
Normal good → In, Income, That, There
is a · 1
Normal good → type of a good for which consumers increase their demand due to an increase in income

Important terminology Word statistics

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Important terminology

normal income good goods demand inferior elasticity consumers example luxury consumer public one due may rises increase group positive change

Entity relationships Subject–Predicate–Object triples

SubjectPredicateObjectConfidenceSrc
Normal goodis atype of a good for which consumers increase their demand due to an increase in income0.90text
geographical locationsinstance ofThis depends on a lot of factors0.80text
socio-economic conditions in a countryinstance ofThis depends on a lot of factors0.80text
local traditionsinstance ofThis depends on a lot of factors0.80text
many moreinstance ofThis depends on a lot of factors0.80text
online news are often considered inferior goodsinstance ofPublic goods0.80text
Normal goodrelated to AnalysisThere0.60section
Normal goodrelated to AnalysisThat0.60section
Normal goodrelated to AnalysisIn0.60section
Normal goodrelated to AnalysisIncome0.60section
Normal goodrelated to Comparison with luxury goodsOther0.60section
Normal goodrelated to Comparison with luxury goodsThe0.60section

Related concept clusters Concept neighborhoods

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    Connections between topic areas Semantic bridges

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    Min side: 3
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