Difference between revisions of "Substitute goods"
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| − | Substitute goods are commodities that are similar enough that an increase in one price of one good (e.g., chewing gum) causes consumers to buy a similar, less expensive good (e.g., a candy bar). Other examples of substitute goods are turkey and chicken, broccoli and spinach, and blueberries and raspberries. | + | '''Substitute goods''' are commodities that are similar enough that an increase in one price of one good (e.g., chewing gum) causes consumers to buy a similar, less expensive good (e.g., a candy bar). Other examples of substitute goods are turkey and chicken, broccoli and spinach, and blueberries and raspberries. |
The opposite of substitute goods are [[complementary goods]]. | The opposite of substitute goods are [[complementary goods]]. | ||
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| + | [[Category:Economics]] | ||
Revision as of 22:37, May 20, 2007
Substitute goods are commodities that are similar enough that an increase in one price of one good (e.g., chewing gum) causes consumers to buy a similar, less expensive good (e.g., a candy bar). Other examples of substitute goods are turkey and chicken, broccoli and spinach, and blueberries and raspberries.
The opposite of substitute goods are complementary goods.