substitute product

Definitions

Economics

  • noun a product which may be bought instead of another when the price of the latter changes or if it becomes unavailable. An increase in the price of one will cause an increase in the demand for the other. This is the opposite of complementary products where the demand for one increases as the price of the other falls.

Marketing

  • noun a product which may be bought instead of another when the price of the original product changes or if it becomes unavailable
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