substitute

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Substitute

A good or service that satisfies a consumer's needs or desires just as well or almost as well as a similar good or service. A common type of substitute is an off-brand product; for example, a grocery store may sell its own peanut butter to compete with the on-brand peanut butter it also sells. Often, though not always, the price of a substitute is lower than that of the original product, but they follow generally the same trends. For example, if demand for the on-brand peanut butter rises, its price increases, but so does the price of the off-brand peanut butter, because consumers are willing to pay more for peanut butter generally, but are still looking for a bargain.

substitute

See swap.
References in periodicals archive ?
Jeff Jackman, program coordinator, predicts the procedure will become mainstream, particularly once one of several red blood cell substitutes in clinical trials is approved.
PolyHeme is 1 of at least 3 red blood cell substitutes vying for FDA approval.
The technologies showcased during the event include Bone Marrow-directing Drug Delivery Materials and Red Blood Cell Substitutes, Improved Fluorescent Dye Microspheres, Surgical System for Coronary Artery Bypass, just to mention a few