The Next Time You're on Jeopardy

An interesting little tid-bit that I learned in Macro Economics:

So, we're starting to learn about Supply and Demand... and in terms of demand, when the income for any demographic goes up, the the demands for goods go up as well. In that way, demand is a function of income; they have a positive relationship; when income goes up, so does demand.

BUT (and this is the tid-bit) in the case of inferior goods the relationship is negative. When income rises (the more money people have), the demand for these goods goes down.

BEER is an inferior good. When people have more money, they tend to spend that money on wine instead.

AND BASEBALL (this is the part that I found particularly interesting) is an inferior good. When people have more money to spend, they're spending that money to see tennis, soccer, and especially football.

Is that weird or what? Yeah, I thought so too... that's why it ended up in my blog.