Normal Goods & Luxury Goods - INOMICS Elasticity Study Guide Section 5

This resource consists of a section taken from the INOMICS Elasticity Study Guide, which helps students learn about the different types of elasticity discussed in economics courses.

This individual chapter gives Economics Students a thorough overview of the topic of different "types" of goods, i.e. normal goods and luxury goods, with an additional introduction to Veblen goods. After studying the article, completing the short quiz, and reviewing the detailed answer explanations, students will gain a strong understanding the differences in economics between different types of goods.

This resource is also suitable as a Revision Guide in advance of an exam or project.

For more Elasticity related topics, get the full INOMICS Elasticity Study Guide at the INOMICS here.