noun
Meaning 1
A good that decreases in demand when consumer income rises; having a negative income elasticity of demand.
Definition source: English Wiktionary via Wiktextract
Topics: economics, sciences
Examples
- Cheap, low-quality goods (such as canned food) are inferior goods for many people. The more money they have, the less they purchase those goods.
Meaning relationships
Synonyms: none provided
Antonyms: none provided