GIFFEN GOOD
Good for which demand rises as the price escalates, and declines when the price decreases. It has an upward-sloping demand curve, contrary to the fundamental law of demand stating the quantity demanded for a product dives as the price climbs, leading to a downward slope for the demand curve. Normally, it is an inferior good without easily available substitutes, as a result of which the income effect dominates the substitution effect. Named after UK economist Robert Giffen, these are somewhat rare to the extent there is some argument about its actual existence.
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Countersignature
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ECONOMIC CALENDAR
| Time | Country | Indices | Period |
|---|---|---|---|
| 11:00 | Ifo Business Climate Index | Jan | |
| 11:00 | Ifo Current Assessment | Jan | |
| 11:00 | IFO - Expectations | Jan | |
| 15:30 | Durable Goods Orders | Nov | |
| 16:00 | NBB Business Climate | Jan | |
| 01:50 | Corporate Service Price Index | Dec | |
| 02:01 | BRC Shop Price Index | Jan | |
| 02:30 | NAB Business Confidence | Dec | |
| 04:00 | Credit Card Spending | Dec |
