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<strong>NCA</strong> – North Central Association Commission on Accreditation and School Improvement, an academic accrediting body.
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inferior good (DO)<br />1 A good demanded less as consumers' incomes rise.<br /> 2 A good with an INCOME ELASTICITY OF DEMAND of less than one. Some foodstuffs, e.g. potatoes, rice and margarine, are in this category. An inferior good can be distinguished from a normal good in an income demand curve.<br /> See also: Giffen paradox infession (E3)<br />World inflation caused by a breakdown in the world monetary system leading to world RECESSION. This concept was introduced to provide a better explanation of the STAGFLATION of the 1970s.
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