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Term of the Day
substitute
brokerage account
competitive forces
Definition
One good is a substitute for another if an
increase
in
demand
for one (or a
fall
in its
price
) causes a
decrease
in demand for the other. Opposite of complement.
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substitute
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Popular 'Economy' Terms
GDP
recession
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demand
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deflation
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Related Terms
artificial currency
X
brokerage account
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marginal rate
currency substitution
competitive forces
marginal rate of substitution
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Mentioned in these terms
substitute goods
substitute sale
money substitute
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