The market demand for a good depends on many factors. The demand depends for example on the price of the product, but it also depends on other factors including the income that is at the disposal of the consumers. If the consumers don’t have an income then the price is broadly irrelevant.
Note that we define normal and inferior goods in the context of income and demand.
This class will examine the relationship between income and demand and is a useful class in classifying economics goods..
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