Economics Unit 1 (Complementary & Substitute Goods)
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Substitute Goods
Goods that can be used to replace the purchase of similar goods when their prices rise: A change in demand for good A will result in the opposite change in demand for good B.
Inferior Substitutes
A subset of substitute goods that are used as an alternative to higher priced goods for lower income consumers.
Complementary Goods
Goods frequently consumed in combination; A change in demand for good A will result in the same changes in demand good B.