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What is an Inferior Good?

 , November 08, 2015 updated on December 17, 2017
An inferior good is a product or service that you consume less when your income rises. A classic example is fast food. In many cases, sales of an inferior good can increase during a recession.
Overview: Inferior Good
FunctionEconomics
DefinitionA good that is consumed less as income rises.
ExampleStaple foods such as potatoes or rice are an inferior good in many countries. As income rises, people tend to diversify their diet.
Related TechniquesSuperior Good
Giffen Good
Veblen Goods

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