1 The people in the Blue table have the item and are willing to sell it for the price listed.
Definition. An ethical philosophy in which the happiness of the greatest number of people in the society is considered the greatest good. According to this philosophy, an action is morally right if its consequences lead to happiness (absence of pain), and wrong if it ends in unhappiness (pain).
DEFINITION of 'Normal Good'. An economic term used to describe the quantity demanded for a particular good or service as a result of a change in the given level of income. A normal good is one that experiences an increase in demand as the real income of an individual or economy increases. Another way to define a normal good is by calculating its income elasticity of demand. If this coefficient is positive and lower than 1, the good is considered to be a normal good.