A Giffen good is a low-income, non-luxury product that defies standard economic and consumer demand theory. Demand for Giffen goods rises when the price rises and falls when the price falls.

A normal good is one whose demand increases when people's incomes start to increase, giving it a positive income elasticity of demand. Giffen goods are rare forms of inferior goods that have no ...

A Giffen good is a product for which demand increases as the price rises, but for reasons tied to necessity rather than prestige. Typically associated with lower-income consumers, Giffen goods are ...

A Veblen good is generally a high-quality, coveted product. This stands in contrast to a Giffen good, which also has an upward-sloping curve but is a non-luxury product with no easily available ...