substitute goods

substitute goods definition - business

substitute goods

Goods that serve the same purpose, such that an increase in demand for one will result in a decreased demand for the other. For example, coffee and tea are substitute goods. Compare complementary goods.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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