Giffen good
PRODUCT THAT PEOPLE CONSUME MORE OF AS THE PRICE RISES
Giffen goods; Giffen paradox; Giffin good; Giffengood; Giffin Good; Giffen Good; Giffen's paradox; Giffen Goods; Giffin goods; Giffen behaviour; Giffen behavior
In economics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics. For any other sort of good, as the price of the good rises, the substitution effect makes consumers purchase less of it, and more of substitute goods; for most goods, the income effect (due to the effective decline in available income due to more being spent on existing units of this good) reinforces this decline in demand for the good.