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Define giffin goods?

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Define giffin goods?

Posted by Ujjwal Soni 6 years ago

CBSE > Class 11 > Economics

2 answers

Chikki Kaur 6 years ago

Goods which doesn't follow the rules of demand is called giffen goods. It's demand was not affected when the price of the commodity will increased or decreased

Yogita Ingle 6 years ago

Giffen goods are special kind of goods on which the consumers spends most of his income and their demand rises with an inrease in price and demand falls with decrease in price level. For example when the prices of jowar, bajra reduces, then the consumer tends to consumer less of those items and consume superiror goods such as wheat and rice.

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