Substitute goods

Substitute goods,

Definition of Substitute goods:

  1. Different goods that, at least partly, satisfy the same needs of the consumers and, therefore, can be used to replace one another. Price of such goods shows positive cross-elasticity of demand. Thus, if the price of one good goes up the sales of the other rise, and vice versa. Also called substitutes.

How to use Substitute goods in a sentence?

  1. You should always know what you can possibly use as substitute goods in case of an emergency where you cant get your normal resource.
  2. Jane purchases margarine instead of butter because it is an exaple substitute goods , meaning it is similar to butter yet costs less.
  3. We had a lot of substitute goods and that made me nervous and that made my father explain to me that it was okay.

Meaning of Substitute goods & Substitute goods Definition