Credence good — A credence good is a term used in economics for a good whose utility impact is difficult or impossible for the consumer to ascertain. In contrast to experience goods, the utility gain or loss of credence goods is difficult to measure after… … Wikipedia
Credence — can have several meanings: In probability theory, credence means a subjective estimate of probability, as in Bayesian probability. In economics, a credence good is a good whose value is hard for a consumer to ascertain. A letter of credence is a… … Wikipedia
Good (economics) — Types of goods in economics. In economics, a good is something that is intended to satisfy some wants or needs of a consumer and thus has economic utility. It is normally used in the plural form goods to denote tangible commodities such as… … Wikipedia
credence — credence, credit, credibility 1. In general use, credence means ‘belief, trustful acceptance’, and is used mainly in the expression to give (or lend) credence to, which means ‘believe, trust’: • The radicality of these changes…had lent credence… … Modern English usage
credence — [[t]kri͟ːd(ə)ns[/t]] 1) N UNCOUNT If something lends or gives credence to a theory or story, it makes it easier to believe. [FORMAL] Good studies are needed to lend credence to the notion that genuine progress can be made in this important field … English dictionary
Inferior good — Good Y is a normal good since the amount purchased increases from Y1 to Y2 as the budget constraint shifts from BC1 to the higher income BC2. Good X is an inferior good since the amount bought decreases from X1 to X2 as income increases. In… … Wikipedia
Public good — For the egalitarian terms, see Common good and Public interest. In economics, a public good is a good that is nonrival and non excludable. Non rivalry means that consumption of the good by one individual does not reduce availability of the good… … Wikipedia
Complementary good — Complementary goods exhibit a negative cross elasticity of demand: as the price of good Y rises, the demand for good X falls. A complementary good, in contrast to a substitute good, is a good with a negative cross elasticity of demand.[1 … Wikipedia
Composite good — In economics, demand for a good is often the focus as to a change in its price. A composite good is an abstraction used in economics that represents all goods in the relevant budget besides the one in question.[1] Purpose Consumer demand theory… … Wikipedia
Normal good — In economics, normal goods are any goods for which demand increases when income increases and falls when income decreases but price remains constant, i.e. with a positive income elasticity of demand.[1][2] The term does not necessarily refer to… … Wikipedia
