Superior good,

Definition of Superior good:

1. Similar to a normal good, it is an item for which demand (consumption) increases as income increases. Unlike a normal good, its income elasticity of demand is always above one. Superior goods are always expensive, and often are relatively scarce or ■■■■■■ to come by. Superior goods are purchased in place of a lesser quality item, therefore making up a larger proportion of consumption as income increases. A superior good might be a luxury automobile, while a normal good would be an average automobile.