Anonymous
Anonymous asked in Social ScienceEconomics · 4 weeks ago

What is the difference between necessity goods, Primary commodities and Giffen goods?

1 Answer

Relevance
  • Oiy
    Lv 4
    4 weeks ago

    If you have more income, you will spend less and less on Giffen goods. The income share of Giffen goods will decline steadily. That means the goods are not necessary or primary, you give them up for the better. In your eyes, they are inferior. For example, you give up carbs for meats.

Still have questions? Get your answers by asking now.