Consumer Income
Money available to consumers to spend on products/services.
Real World
During the 2008 financial crisis, falling household incomes caused demand for budget supermarkets like Aldi and Lidl to soar while Waitrose and M&S food sales declined — illustrating inferior vs normal good behaviour.
Exam Focus
Distinguish between normal and inferior goods in your answer — examiners expect you to apply both correctly to income changes.
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