Economics B A-Level
Luxury good
What Luxury good means in Economics B A-Level, as defined for Pearson Edexcel.
Definition of Luxury good
Check what you remember
Read the wording for your board, then hide it and explain Luxury good in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: Pearson Edexcel
A normal good with a YED greater than 1, where demand grows proportionately more than income.
Topics that use Luxury good
- Income elasticity of demand (YED) (Pearson Edexcel A-Level)
Related terms
- Economic cycle
- Income elasticity of demand (YED)
- Inferior good
- Percentage change
- Product portfolio management
- Normal good
- Normal luxury good
- Strategic planning
Using Luxury good in the exam
Check the command word and mark scheme for your exact question. After comparing your explanation with the reference, use the term in an answer on the linked topic. This practice does not predict an exam mark.
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