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In economics, a complementary good is a good whose appeal increases with the popularity of its complement. [ further explanation needed ] Technically, it displays a negative cross elasticity of demand and that demand for it increases when the price of another good decreases. [ 1 ]
Contrary to complementary goods and independent goods, substitute goods may replace each other in use due to changing economic conditions. [2] An example of substitute goods is Coca-Cola and Pepsi; the interchangeable aspect of these goods is due to the similarity of the purpose they serve, i.e. fulfilling customers' desire for a soft drink ...
Conventional fuels include fossil fuels such as coal, oil (including fuel oil, diesel fuel, and gasoline), and natural gas. [2] [circular reference] Fossil fuels have many negative externalities, most notably air pollution and contributing to climate change. Both the extraction and combustion of conventional fuels have negative externalities.
These fuels are intended to substitute for more carbon intensive energy sources like gasoline and diesel in transportation and can help to contribute to decarbonization and reductions in pollution. [ 2 ] [ 4 ] [ 5 ] Alternative fuel is also shown to reduce non-carbon emissions such as the release of nitric oxide and nitrogen dioxide , as well ...
Goods considered complements or substitutes are relative associations and should not be understood in a vacuum. The degree to which a good is a substitute or a complement depends on its relationship to other goods, rather than an intrinsic characteristic, and can be measured as cross elasticity of demand by employing statistical techniques such ...
When land is cleared, it is often burned, releases large amounts of the greenhouse gas CO 2. Vegetable oil production would have to increase substantially to replace gasoline and diesel. With current technology, such an increase in production would have a substantial environmental impact. [30]
Colorado Springs, Colorado. Region: West 2025 existing home sale counts year-over-year: 27.1% 2025 existing home median sale price year-over-year: 12.7% Discover More: Renting Vs.Owning a Home ...
Synthetic production of liquid fuels (i.e., gasoline and oil substitutes) in the United States has a long history.In the 19th century, dozens facilities produced oil, gas, grease and paraffin from coal, but by 1873, cheap petroleum caused the last coal oil plant to close.