Veblen Goods

Pronunciation: /ˈvɛblən ɡʊdz/

Definitions of Veblen goods

noun a type of good for which demand increases as the price increases, in contrast to the law of demand

Example Sentences

A1 Veblen goods are expensive items that people buy to show off their wealth.

A2 Veblen goods are status symbols that are often purchased for their high price and exclusivity.

B1 Veblen goods are luxury products that have an increased demand as their price rises.

B2 Veblen goods are considered to be items that defy the law of demand by becoming more desirable as their price increases.

C1 Veblen goods are a type of luxury goods that are purchased primarily for their perceived high status and not necessarily for their utility.

C2 Veblen goods are a category of products that are in demand because of their high price and exclusivity, rather than their intrinsic value.

Examples of Veblen goods in a Sentence

formal Veblen goods are luxury items that people demand more of as the price increases.

informal Veblen goods are those fancy things that everyone wants because they're expensive.

slang Veblen goods are like the status symbols that everyone has to have.

figurative Veblen goods are the ultimate display of conspicuous consumption.

Grammatical Forms of Veblen goods

• plural: Veblen goods
• comparative: more Veblen
• superlative: most Veblen
• present tense: Veblen goods
• future tense: will be Veblen goods
• perfect tense: have been Veblen goods
• continuous tense: are being Veblen goods
• singular: Veblen good
• positive degree: Veblen
• infinitive: to be Veblen goods
• gerund: being Veblen goods
• participle: Veblen goods

Origin and Evolution of Veblen goods

First Known Use: 1899 year

Language of Origin: English

Story behind the word: Veblen goods are named after the American economist Thorstein Veblen, who first introduced the concept in his book 'The Theory of the Leisure Class' published in 1899.

Evolution of the word: The term 'Veblen goods' has remained consistent in its meaning since its introduction by Thorstein Veblen. It refers to goods that have an inverse relationship between price and demand, where higher prices may actually increase the desirability of the product due to its perceived status or exclusivity.