Investopedia defines a 'Giffen Good' as, "a good for which demand increases as the price increases, and falls when the price decreases."
Named after the economist Robert Giffen, a Giffen good has an upward-sloping demand curve, which is, "contrary to the fundamental law of demand which states that quantity demanded for a product falls as the price increases, resulting in a downward slope for the demand curve. "
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Giffen goods tend to be products or services...
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