Complements and substitutes

Switching Barriers

are terms used in microeconomics, strategic management, and marketing to describe any impediment to a customer's changing of suppliers (customer switching).

Indifference Curve

connects points on a graph representing different quantities of two goods, points between which a consumer is indifferent.

Supply Curve

depicts the relationship between two variables only; price and quantity supplied.

Perfect Complement

is a good that has to be consumed with another good.

Complementary Good

is a good with a negative cross elasticity of demand, in contrast to a substitute good.

Substitute Good

is one good that can be used instead of another.

Demand Curve

is the graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at any given price.

Willingness To Pay

is the maximum price at or below which a consumer will definitely buy one unit of a product.

Vendor Lock-In

makes a customer dependent on a vendor for products and services, unable to use another vendor without substantial switching costs.

Cross Elasticity Of Demand

measures the responsiveness of the quantity demanded for a good to a change in the price of another good, ceteris paribus.