The term “inferior good” describes a good for which demand decrease as incomes increase. They are the opposite of “normal goods,” which are goods for which demand increases as incomes increase.
Economics is a vast field of research within the category of social sciences. It deals with the concepts of supply (availability of a product) and demand (desirability of that product within a certain market), as well as the capital used to produce goods. Depending on the lens, economics could be used to describe the behavior of individuals (microeconomics) or of entire markets (macroeconomics), explain the rules and regulations behind making money (financial economics), or the methods by which low-income countries develop strong economies (developmental economics). Explore below for an introduction to this immense and varied discipline.