Difference between revisions of "Luxury"
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==Etymology== | ==Etymology== | ||
− | [ | + | [https://nordan.daynal.org/wiki/index.php?title=English#ca._1100-1500_.09THE_MIDDLE_ENGLISH_PERIOD Middle English] luxurie, from Anglo-French luxorie, from [[Latin]] luxuria rankness, luxury, excess; akin to Latin luxus luxury, excess |
− | *Date: [ | + | *Date: [https://www.wikipedia.org/wiki/14th_Century 14th century] |
==Definitions== | ==Definitions== | ||
*1 archaic : lechery, [[lust]] | *1 archaic : lechery, [[lust]] |
Latest revision as of 01:22, 13 December 2020
Etymology
Middle English luxurie, from Anglo-French luxorie, from Latin luxuria rankness, luxury, excess; akin to Latin luxus luxury, excess
- Date: 14th century
Definitions
- 1 archaic : lechery, lust
- 2 : a condition of abundance or great ease and comfort : sumptuous environment <lived in luxury>
- 3 a : something adding to pleasure or comfort but not absolutely necessary <one of life's luxuries>
- b : an indulgence in something that provides pleasure, satisfaction, or ease
Description
In economics, a luxury good is a good for which demand increases more than proportionally as income rises, in contrast to a "necessity good", for which demand is not related to income.
Luxury goods are said to have high income elasticity of demand: as people become wealthier, they will buy more and more of the luxury good. This also means, however, that should there be a decline in income its demand will drop. Income elasticity of demand is not constant with respect to income, and may change at different levels of income. That is to say, a luxury good may become a normal good or even an inferior good at different income levels, e.g. a wealthy person stops buying increasing numbers of luxury cars for his automobile collection to start collecting airplanes (at such an income level, the luxury car would become an inferior good).