inferior good

Popular Terms
Not a substandard-good, but the term in economics for an item for which income elasticity of demand is less than zero. As the consumers become monetarily better off (earn higher incomes), the demand for such goods (such as basic food) falls because consumers can now afford higher priced substitutes.

Use 'inferior good' in a Sentence

The inferior good was not being sought after and its demand was decreasing to unprecedented levels which shocked our economist.
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I didn't want to sell the item because I felt it had a lot of faults and was an overall inferior good.
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If you are putting out an inferior good others will quickly realize it and will move on to another brand.
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