[suhb-sti-toot, -tyoot] 
noun, verb, -tut⋅ed, -tut⋅ing, adjective | 1. | a person or thing acting or serving in place of another. |
| 2. | (formerly) a person who, for payment, served in an army or navy in the place of a conscript. |
| 3. | Grammar. a word that functions as a replacement for any member of a class of words or constructions, as do in He doesn't know but I do. |
| 4. | to put (a person or thing) in the place of another. |
| 5. | to take the place of; replace. |
| 6. | Chemistry. to replace (one or more elements or groups in a compound) by other elements or groups. |
| 7. | to act as a substitute. |
| 8. | of or pertaining to a substitute or substitutes. |
| 9. | composed of substitutes. |
[suhb-sti-too-shuh-ner-ee, -tyoo-] , adjective | sub·sti·tute (sŭb'stĭ-tōōt', -tyōōt') n.
v. tr.
To take the place of another: "Only art can substitute for nature" (Leonard Bernstein). [Middle English, from Old French substitut, from Latin substitūtus, past participle of substituere, to substitute : sub-, in place of; see sub- + statuere, to cause to stand; see stā- in Indo-European roots.] sub'sti·tut'a·bil'it·y n., sub'sti·tut'a·ble adj. |
Substitute
A product or service that partly satisfies the need of a consumer that another product or service fulfills.
Investopedia Commentary
For a product to be a substitute of another good, it must share a particular relationship with that good. When a good's price increases, the demand for its substitute will increase because consumers will go looking for a cheaper alternative. Conversely, when a good's price decreases, the demand for its substitute will decrease. For example, margarine is a good substitute for butter because a consumer can meet similar needs by using margarine. So when the price of butter rises, the demand for margarine will likely increase.
Related Links
Economic Indicators to Know
See also: Demand, Economics, Elasticity, Scarcity, Supply, Supply
Substitute character
(SUB) ASCII character 26.
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(1996-06-28)