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substitute |
Also found in: Dictionary/thesaurus, Medical, Legal, Idioms, Encyclopedia, Wikipedia, Hutchinson | 0.02 sec. |
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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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