Answer:
inferior good.
Explanation:
An inferior good is a product whose demand decreases as people's income increases. The term inferior has no relations with the quality of the product. Economist argues that as income increase, consumers prefer good and services perceived to have high utility value.
An increase in income means consumers have more to spend on goods and services. With an increased budget, consumers tend to opt for more costly goods that will offer more satisfaction. A decrease in income increases the demand for inferior goods.
