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. | ||
| + | The opposite of substitute goods are [[complementary goods]]. | ||
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| + | [[Category:Free Market Economics]] | ||
Latest revision as of 15:55, June 23, 2016
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.