What Are Giffen Goods? | Exceptions to Law of Demand | Class 11 Economics Chapter 3 Theory of Demand

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Class 11 Microeconomics
Chapter- 4 Theory of Demand
Topic: GIFFEN GOODS
Reference Book: TR JAIN CLASS 11 MICROECONOMICS

The Law of Demand states that there is an inverse relationship between the quantity demanded and price of a commodity, assuming other factors remain constant.

What are Giffen Goods?
Giffen Goods are a special type of inferior goods that do not follow this law — their demand rises when the price rises and falls when the price falls.

🍚 In the case of Giffen Goods:
👉 When price increases ⬆️, demand also increases ⬆️
👉 When price decreases ⬇️, demand also decreases ⬇️

⚠️ This is an important exception to the Law of Demand.

📌 Why does this happen?
Poor consumers 🧑‍🌾 spend a large portion of their income on staple goods like cheap grains 🍚. When prices rise, they cannot afford better substitutes, so they buy more of these goods to survive.

🧠 Named after Sir Robert Giffen, who first observed this phenomenon in 19th century England 🇬🇧

We have explained the meaning of giffen goods in detail with the help of examples in the above video. Watch full video to understand the best meaning of giffen goods.

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