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For example, I always wanted to wear Nike shoes but I learned that Reebok or any sneaker would be a good substitute and that it was same as ant brand. "Substitute good refers to an item that can be used in placed of another item" (McConnell & Brue, 2004, pg. 44)
Demand is how much people want or need your product or services...
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"Substitute good refers to an item that can be used in placed of another item" (McConnell & Brue, 2004, pg. 44)
Demand is how much people want or need your product or services.
Supply is how much of the product or service that you have available.
When the Nintendo Wii first came out, the demand was huge but the supply limited...
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