Normal Good: A normal good is a type of good where an increase in income leads to an increase in demand. For example, as people's incomes rise, they may start buying more luxury cars.
Inferior Good: An inferior good is a type of good where an increase in income leads to a decrease in demand. For example, as people's incomes rise, they may stop buying generic brand products and switch to higher quality brands.
Complementary Goods: Complementary goods are goods that are typically consumed together. When the price of one complementary good changes, it affects the demand for both goods. For example, if the price of hot dogs increases, it may lead to a decrease in demand for hot dog buns.