Inferior Children
03/21/2014 | | econ70, Economic forecasting, economist on radio, economist on TV, eisenberg and economics, Eisenberg and housing economics, Eisenberg and public speaking, Elliot eisenberg, funniest economist, funny housing economist, Graphsandlaughs, graphsandlaughs and eisenberg, housing sales, inferior goods, MLS, mortgage banking, Multiple listing service, normal goods, politics and economics, Public speaking economist, superior goods
The Friday File: A product or service is considered normal if demand for it rises as consumer income rises. Good examples include BMWs, vacations to Hawaii, shopping at Whole Foods, and higher education. An inferior good is one where demand declines as consumer income rises. Examples of this include white bread, margarine, and children! As household incomes rise over time, fertility rates fall. Anyone for a family of 16?