substitute goods
Definition
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.
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substitute goods is in the Economics, Politics, & Society subject.
substitute goods appears in the definition of the following term: substitutes
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