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A person or thing acting or serving in place of another. In economics, substitute goods or substitutes are at least two products that could be used for the same purpose by the same consumers. If the price of one of the products rises or falls, then demand for the substitute goods or substitute good (if there is just one other) is likely to increase or decline. 

What are inferior goods?

An inferior good is a good or service where your demand goes down when your income goes up, and vice versa.

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