Economic Definition of normal good. Defined.
Offline Version: PDF
Term normal good Definition: A good for which an increase in income causes an increase in demand, or a rightward shift in the demand curve. If demand increases as income increases, it is a normal good or a good with a positive income elasticity of demand. A normal good is one of two alternatives falling within the income determinant of demand. The other is an inferior good.
« nontariff barrier | normal profit »
Permalink: https://glossary.econguru.com/economic-term/normal+good