If less of a good is bought as one's income increases, such a good is
Answer Details
A normal good is a type of good for which demand increases as a person's income increases. This means that as a person earns more money, they are more likely to buy more of this type of good. For example, as a person's income increases, they may purchase more expensive and higher-quality food, clothing, or housing.
On the other hand, if demand for a good decreases as a person's income increases, the good is considered to be a luxury good. Luxury goods are items that are considered non-essential, but are still desired because they are associated with status, exclusivity, or high quality. Examples of luxury goods include expensive jewelry, high-end cars, and designer clothing.
A necessity is a type of good that a person needs in order to survive, regardless of their income. Examples of necessities include food, water, shelter, and healthcare. Necessities are often considered to be inelastic goods, meaning that the demand for them does not change much as a person's income changes.
An inferior good is a type of good for which demand decreases as a person's income increases. This means that as a person earns more money, they are less likely to buy this type of good. Examples of inferior goods include low-quality food and second-hand clothing.