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- Substitute_good abstract "In economics, one way that two or more goods can be classified is by examining the relationship of the demand schedules when the price of one good changes. This relationship between demand schedules leads to classification of goods as either substitutes or complements. Substitute goods are goods which, as a result of changed conditions, may replace each other in use (or consumption). A substitute good, in contrast to a complementary good, is a good with a positive cross elasticity of demand. This means a good's demand is increased when the price of another good is increased. Conversely, the demand for a good is decreased when the price of another good is decreased. If goods A and B are substitutes, an increase in the price of A will result in a leftward movement along the demand curve of A and cause the demand curve for B to shift out. A decrease in the price of A will result in a rightward movement along the demand curve of A and cause the demand curve for B to shift in.Examples of substitute goods include margarine and butter, tea and coffee. Substitute goods not only occur on the consumer side of the market but also the producer side. Substitutable producer goods would include: petroleum and natural gas (used for heating or electricity). The degree to which a good has a perfect substitute depends on how specifically the good is defined. Take for example, the demand for Rice Krispies cereal, which is a very narrowly defined good as compared to the demand for cereal generally. The fact that one good is substitutable for another has immediate economic consequences: insofar as one good can be substituted for another, the demands for the two kinds of good will be bound together by the fact that customers can trade off one good for the other if it becomes advantageous to do so.".
- Substitute_good thumbnail Substitute_good_chart.jpg?width=300.
- Substitute_good wikiPageID "421981".
- Substitute_good wikiPageRevisionID "593336866".
- Substitute_good hasPhotoCollection Substitute_good.
- Substitute_good subject Category:Consumer_theory.
- Substitute_good subject Category:Goods.
- Substitute_good subject Category:Perfect_competition.
- Substitute_good type Abstraction100002137.
- Substitute_good type Advantage105155821.
- Substitute_good type Asset105154517.
- Substitute_good type Attribute100024264.
- Substitute_good type Good105159725.
- Substitute_good type Goods.
- Substitute_good type Quality104723816.
- Substitute_good comment "In economics, one way that two or more goods can be classified is by examining the relationship of the demand schedules when the price of one good changes. This relationship between demand schedules leads to classification of goods as either substitutes or complements. Substitute goods are goods which, as a result of changed conditions, may replace each other in use (or consumption). A substitute good, in contrast to a complementary good, is a good with a positive cross elasticity of demand.".
- Substitute_good label "Bem substituto".
- Substitute_good label "Bien sustitutivo".
- Substitute_good label "Dobra substytucyjne".
- Substitute_good label "Substitute good".
- Substitute_good label "Substitutiegoed".
- Substitute_good label "Substitutionsgut".
- Substitute_good label "Субститут".
- Substitute_good label "代替財".
- Substitute_good label "替代品".
- Substitute_good sameAs Substitut.
- Substitute_good sameAs Substitutionsgut.
- Substitute_good sameAs Bien_sustitutivo.
- Substitute_good sameAs Ordezko_ondasun.
- Substitute_good sameAs 代替財.
- Substitute_good sameAs 대체재.
- Substitute_good sameAs Substitutiegoed.
- Substitute_good sameAs Dobra_substytucyjne.
- Substitute_good sameAs Bem_substituto.
- Substitute_good sameAs m.026krk.
- Substitute_good sameAs Q312588.
- Substitute_good sameAs Q312588.
- Substitute_good sameAs Substitute_good.
- Substitute_good wasDerivedFrom Substitute_good?oldid=593336866.
- Substitute_good depiction Substitute_good_chart.jpg.
- Substitute_good isPrimaryTopicOf Substitute_good.
