1.2 Glossary

Complementary goods: Goods that are bought in connection with one another. For example; cars and petrol. 

Inferior goods: Goods where the sales increase when consumers are struggling financially, like in a recession, but fall when consumers are better off and have more consumer spending. For example; businesses like Poundland would be very successful in a recession, but are more likely to struggle during times where consumers have more income. 

Luxury goods: Goods that are typically bought in times where consumers are better off. The sales…