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Exceptional goods are those which do not follow Law of Demand which states that "as the price of a particular good goes up, its quantity demanded decreases".
They are of three types-
Inferior Goods- where quantity demanded goes down when the income of the consumer increases. eg. Cheap Rubber Shoes
Giffen Goods is a case of inferior goods where quantity demanded goes up as price increases. eg staple food, rice wheat etc.
Veblen Goods- quantity demanded increases with increase in price of the product. eg- designer goods, artifacts etc.
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What is abnormal and Inferior goods in Economics?
Abnormal and inferior goods in economics are goods that are not of the best quality or the normal variety.
Economics is about the allocation of resources for the production and distribution of goods?
Economics is about the allocation of resources for the production and distribution of goods and ___________.
What Economics is about allocating resources to produce and distribute?
Economics is about the allocation of resources for the production and distribution of goods and _services_
Why do you discuss private goods and public goods in economics?
because we have no lives
What are the Kinds of goods in economics?
kinds of goods is eight part 1. free goods 2.
What is abnormal and Inferior goods in Economics?
Abnormal and inferior goods in economics are goods that are not of the best quality or the normal variety.
Economics is about the allocation of resources for the production and distribution of goods?
Economics is about the allocation of resources for the production and distribution of goods and ___________.
What is consider service in economics?
goods
What Economics is about allocating resources to produce and distribute?
Economics is about the allocation of resources for the production and distribution of goods and _services_
Why do you discuss private goods and public goods in economics?
because we have no lives
What are the Kinds of goods in economics?
kinds of goods is eight part 1. free goods 2.
What are final products in an economics?
Final goods.
What is the relationship of economics and socialscience?
Economics is the ssc that analyzes the production, distribution and consumption of goods and services.
Define economics using the following terms allocation distribution goods resources production and services?
I am presuming that economics refers to a certain type of science that serves with the inquiry of consumption of goods, allotment/allocation distribution, and both the production and distribution of services and goods. Economics can help solve the problem of resource recycling for the benefit of mankind.
What are the reasons for exceptional demand?
reasons for exceptional demand are 1.giffen goods these are necessary good hence with increase in price goes along with demand.2 goods for ostantation.3 speculative in price change.
What are the 3 types of economics?
Economics is the social science that analyzes the production, distribution, and consumption of goods and services.
What comes into your mind when you hear the word economics?
Economics it is all about the study of production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within market to get what they want or accomplish certain goals. :)
