substitute

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Related to substituted: Substituted service

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 ?
But the substitute must have the same surname as the candidate being substituted.
Evaporated skim milk, fresh nonfat milk or fruit juice can be substituted for cream or evaporated whole milk called for in pumpkin pie filling recipes.
On May 10, 2005, the original LOCs will be substituted with LOCs (Substitute LOCs) provided by: Fleet National Bank, a Bank of America Company, with respect to the series A-1 bonds; and DEPFA BANK plc, New York Branch, with respect to the series A-2 and A-3 bonds.