define substitute goods
Understand the Problem
The question is asking for a definition of substitute goods, which are products or services that can be used in place of each other. This typically involves an understanding of economic concepts and market behavior regarding how the availability of substitute goods impacts consumer choice and demand.
Answer
Products or services that can replace each other.
Substitute goods are products or services that consumers perceive as similar and can replace each other with little to no difference in satisfying their needs or wants.
Answer for screen readers
Substitute goods are products or services that consumers perceive as similar and can replace each other with little to no difference in satisfying their needs or wants.
More Information
Economic theory describes two goods as substitutes if an increase in the price of one raises the demand for the other.
Sources
- Substitute Definition - Economics - Investopedia - investopedia.com
- Substitute good - Wikipedia - en.wikipedia.org
- Substitute Goods: Definition & Examples | Vaia - vaia.com
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