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what is the name of a commodity you buy less of when you have more money? ex Kraft dinner?
Oh thanks you so much.. :) im writing a paper and i couldnt get "negative commodity" out of my head !!! :) THANK YOU
4 Answers
- WildernessLv 61 decade agoFavorite Answer
It's called an inferior good in economics. Examples are travelling by the bus, because when your income rises you can afford a car so you consume the service of the bus less, therefore the bus is an inferior good. Other examples are: second hand goods, older models or cheaper versions of products etc.
Source(s): Economics Student - Anonymous1 decade ago
It's called inferior goods which have negative income elasticity. Inferior goods will have two important characteristics, no necessities and no luxuries. These goods are identified as inferior goods, margarine,frozen vegetables,cigarettes,processed cheese,bread,bus travel.
Source(s): anjaree tutor2u.net/economics. - 1 decade ago
the economics definition of it is an inferior good. examples are top ramen noodles, mac n cheese, things that you only buy because you can't afford more expensive stuff that you actually want.
- Anonymous1 decade ago
Anything sold by Wal-Mart. You're shopping at Target (Pronounce it Tar-zhay, if you're classy) by then.