Examples of Superior Goods

The superior goods are the highest type of normal goods, that is, goods that increase from demand As the income of the consumer (that is, they are governed by the Normal Law of Demand). For example: gourmet food, international travel, heirlooms. These goods usually have medium or high costs and therefore their demand increases when consumers have more money and decreases when money is scarce. In fact, from a certain margin of consumption, superior goods can also be considered as luxury goods.

In this, superior goods are distinguished from essential or basic goods, that is, from normal goods. indispensable for the survival and continuity of organized life and economic production, which usually have lower costs. And, similarly, superior goods displace inferior goods (that is, low-value goods) when the possibilities of consumption (that is, the consumer's income) increase.

For example, a low-income person regularly consumes a very bad and cheap brand of soda (that is, an inferior good), because that is what his budget allows. Until one day he decides to change jobs and gets one that pays him almost double. So he decides to buy from now on a better brand of soda (ie, a normal good), and from time to time an imported brand (ie, a superior good).

Examples of Superior Goods

Examples of superior goods are:

1. Water and air vehicles (yachts, personal planes) and late model cars.
2. Gourmet food and spirits with denomination of origin.
3. Haute couture clothing or created to suit the consumer.
4. Real estate such as houses, apartments, and mansions.
5. State-of-the-art technological devices, such as cell phones, smart TVs, personal computers, among others.
6. Decorative works of art, such as paintings and sculptures.
7. International travel.
8. Luxury furniture.
9. Relics and collectible goods.
10. Financial, logistical or other services that are not classified as basic or public services.

References:

• "Goods in polynomials.
• “superior goods” in Lawy.
• “Luxury goods” in Business & Law School.

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