For a Giffin good,the income effect works in the opposite direction from the substitution effect,and the income effect is larger than the substitution effect.

Giffin Good

A type of good for which demand increases as the price increases, contradicting the basic law of demand due to the income effect.

Income Effect

The relationship between changing income levels in an economy or for individuals and the subsequent effect on goods and services demand.

Substitution Effect

Describes how consumers react to an increase in a good's price by substituting another good, affecting the quantity demanded.