Topic Videos
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.
You might also like
Business Growth: Lidl's UK Profits Quadruple
17th November 2022
Luxury Goods - Why are Nordic Blueberries so expensive?
27th October 2022
Marginal Cost - Why are Olympic Curling Stones so expensive?
16th October 2022
Contestable Markets - Where now for UK grocers as Aldi overtakes Morrisons?
18th September 2022
Cost of Living Crisis - Boots debuts 'Everyday' budget essentials range
7th September 2022
The heatwave and demand for bottled water
12th July 2022
Patterns of Spending - Demand for Camping and Caravans Surges
22nd April 2022