A Giffen Good is a non-luxury product that is consumed more of as the price rises and vice versa - violating the basic law of demand in microeconomics. Demand for Giffen goods rises when the price rises and falls when the price falls. In econometrics, this results in an upward-sloping demand curve, contrary to the fundamental laws of demand which create a downward sloping demand curve. The term is coined after the name of the late Scottish economist Sir R. Giffen in the 1800s. (Refer to the Veblen Effect (or Veblen Good))
Related Definitions in the Project: The Commercial Definitions
