Goods for which demand move in the opposite direction of the income of the consumer are called?
Inferior goods
Inferior goods have a negative income elasticity of demand — as consumer income rises, demand falls (consumers shift to better substitutes), and vice versa. This is exactly the inverse income–demand relationship the question describes.
Normal goods show a positive income–demand relationship; complementary and substitute goods are defined by cross-price effects, not income.
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Important Questions from Economy
When goods are produced by exploiting natural resources, it is an activity associated with:
A system in which local farmers were allowed to cultivate temporarily within a plantation is known as:
Which goods from India dominated the international textile markets before the age of mechanized industries?
Which type of farming is practiced in areas of high population pressure on land?
The major economic attribute for comparing countries is their:
