Definition of Goods - Micro-economics

  • Created by: Emma
  • Created on: 12-10-12 19:47

Substitute good - Good that satisfy the same need

e.g Original Good is Coffee - Substitute Good is Tea

Original Good is a Car - Substitute would be a bike

Normal Good - Is a good which has a positive relationship between income and quantity demanded;


Complementary good - is something that the you must have for the original good to be valid/work;

e.g. Original Good is Cars…


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