Question

What do you mean by Goods of Social Distinction?

Answer 1

Articles of Social Distinction mean those goods which are highly valuable or priceless and their supply cannot be increased even if a high price is being offered for them..

E.g- 'Kohinoor Diamond'.. Can you increase its supply even if Million trillions are offered for it?

Answer 2

Goods of Social Distinction refers to the goods which have been assigned a specific value by the society

Explanation:

• The goods with distinction are assigned a value by the people where even if their prices tend to increase in the markets their demand will remain constant and people would still want to buy the product.  
• it could be goods that would benefit the people in many different ways. The products with social distinction  would remain constant and limited in their supply  even when there is a rise in the prices.

To know more about supply of goods

"Supply creates its own demand" is the

Law of Market

Law of Demand and Supply

Law of Demand

Law of Supply

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