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Normal Goods

Level:
A-Level, IB Diploma
Board:
AQA, Edexcel, Eduqas, IB, OCR, WJEC

Last updated 28 Nov 2021

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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.

Normal Goods
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