Inferior goods can be viewed as anything a consumer would demand less of if they had a higher level of real income. An example of an inferior good is public transportation. When consumers have less wealth, they may forgo using their own forms of private transportation in order to cut down costs (car insurance, gas and other car upkeep costs) and instead opt to use a less expensive form of transportation (bus pass).
Investment dictionary. Academic. 2012.
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Inferior good — Good Y is a normal good since the amount purchased increases from Y1 to Y2 as the budget constraint shifts from BC1 to the higher income BC2. Good X is an inferior good since the amount bought decreases from X1 to X2 as income increases. In… … Wikipedia
inferior good — merchandise that in low demand when income rises … English contemporary dictionary
inferior good — noun : a commodity the consumption of which decreases as its price declines or as the income of consumers rises because of the increased income available to buy preferred though more expensive commodities … Useful english dictionary
Good (economics) — Types of goods in economics. In economics, a good is something that is intended to satisfy some wants or needs of a consumer and thus has economic utility. It is normally used in the plural form goods to denote tangible commodities such as… … Wikipedia
inferior — is not a true comparative (like lower, for example) and is followed by to, not than: • When we are together there s no competition; neither of us feels better than or inferior to the other J. Dawson, 1990. When used attributively (before a noun) … Modern English usage
inferior — [adj1] less in rank, importance back seat*, bottom, bottom rung*, entry level, junior, less, lesser, lower, menial, minor, minus, nether, peon, second, secondary, second banana*, second fiddle*, second string*, smaller, subjacent, subordinate,… … New thesaurus
inferior — in|fe|ri|or1 [ ın fıriər ] adjective * 1. ) not as good as something else: It produces photographs of inferior quality. inferior to: This design is inferior to the one the German company proposed. a ) if something is inferior, its quality is not… … Usage of the words and phrases in modern English
inferior — I UK [ɪnˈfɪərɪə(r)] / US [ɪnˈfɪrɪər] adjective * 1) not as good as someone or something else It produces photographs of inferior quality. inferior to: This design is inferior to the one the German company proposed. an inferior student a) if… … English dictionary
inferior — in|fe|ri|or1 [ınˈfıəriə US ˈfıriər] adj [Date: 1400 1500; : Latin; Origin: lower , from inferus below ] 1.) not good, or not as good as someone or something else ≠ ↑superior ▪ I felt very inferior among all those academics. ▪ wine of inferior… … Dictionary of contemporary English
inferior — 1 adjective 1 not good, or less good in quality, value, or skill than someone or something else: I felt very inferior among all those academics. | Pay less, and you get an inferior product. (+ to): This machine is technically inferior to Western… … Longman dictionary of contemporary English