Definitions for superior good
su·pe·ri·or good

WiktionaryRate this definition:5.0 / 2 votes

1. superior goodnoun

   a good that makes up a larger proportion of consumption as income rises; having income elasticity greater than one.

WikipediaRate this definition:0.0 / 0 votes

1. superior good

   In economics, a luxury good (or upmarket good) is a good for which demand increases more than what is proportional as income rises, so that expenditures on the good become a greater proportion of overall spending. Luxury goods are in contrast to necessity goods, where demand increases proportionally less than income. Luxury goods is often used synonymously with superior goods.

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1. Superior good

   Superior goods make up a larger proportion of consumption as income rises, and therefore are a type of normal goods in consumer theory. Such a good must possess two economic characteristics: it must be scarce, and, along with that, it must have a high price. The scarcity of the good can be natural or artificial; however, the general population must recognize the good as distinguishably better. Possession of such a good usually signifies "superiority" in resources, and usually is accompanied by prestige. The prestige-value of some superior goods is so high that a price decline would lower demand; these are Veblen goods. The income elasticity of a superior good is above one by definition, because it raises the expenditure share as income rises. A superior good also may be a luxury good that is not purchased at all below a certain level of income. Examples would include smoked salmon and caviar, and most other delicacies. On the other hand, superior goods may have a wide quality distribution, such as wine and holidays; however, though the number of such goods consumed may stay constant even with rising wealth, the level of spending will go up, to secure a better experience.

How to pronounce superior good?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say superior good in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of superior good in Chaldean Numerology is: 1

2. Pythagorean Numerology

   The numerical value of superior good in Pythagorean Numerology is: 9

References

1. ^ Wiktionary
   https://en.wiktionary.org/wiki/Superior_Good
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Superior_Good
3. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=superior good