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Normal Goods
- Level:
- AS, A Level, IB
- Board:
- AQA, Edexcel, OCR, IB, Eduqas, WJEC
Last updated 28 Nov 2021
In Economics, you will often hear the term “normal goods” – this short revision video explains what they are!
Normal goods have a negative coefficient of price elasticity of demand (PED) and a positive coefficient of income elasticity of demand (YED).
A further distinction can be made between normal necessities and normal luxuries.
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