Substitute goods exhibit no complementarities, as in a complementary good.
In other words, good substitution is an economic concept where two goods are of comparable value. Potatoes from different farms are an example; if the price one farm's potatoes goes up, people will stop buying them and buy the other farm's instead, ceteris paribus (assuming that potatoes from different farms are homogeneous)
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Famous quotes containing the word substitution:
“To play is nothing but the imitative substitution of a pleasurable, superfluous and voluntary action for a serious, necessary, imperative and difficult one. At the cradle of play as well as of artistic activity there stood leisure, tedium entailed by increased spiritual mobility, a horror vacui, the need of letting forms no longer imprisoned move freely, of filling empty time with sequences of notes, empty space with sequences of form.”
—Max J. Friedländer (1867–1958)
“Virtue is the adherence in action to the nature of things, and the nature of things makes it prevalent. It consists in a perpetual substitution of being for seeming, and with sublime propriety God is described as saying, I A—.”
—Ralph Waldo Emerson (1803–1882)