Demand for Health & Healthcare - Price & Income elasticities of healthcare demand - Which good is the most important to consumers
3 important questions on Demand for Health & Healthcare - Price & Income elasticities of healthcare demand - Which good is the most important to consumers
Which three types of goods are there?
- Inferior goods
- normal goods
- luxury goods
What are inferior goods?
These are the most important goods to consumers. When they get some income these are the first goods they buy. Does not have to be of high quality (instant coffee).
What are luxury goods?
Only get bought if there is enough budget that’s free to spend on luxorious stuff. These items are not necessarily a necessity (very expensive coffee).
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
Remember faster, study better. Scientifically proven.
