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Only if the two products satisfy the three conditions, will they be classified as close substitutes according to economic theory. The opposite of a substitute good is a complementary good, these are goods that are dependent on another. An example of complementary goods are cereal and milk. An example of substitute goods are tea and coffee.
Fast-moving consumer goods (FMCG), also known as consumer packaged goods (CPG) [1] or convenience goods, are products that are sold quickly and at a relatively low cost. Examples include non-durable household goods such as packaged foods, beverages, toiletries, candies, cosmetics, over-the-counter drugs, dry goods, and other consumables. [2] [3 ...
Convenient procedures, products and services are those intended to increase ease in accessibility, save resources (such as time, effort [1] and energy) and decrease frustration. A modern convenience is a labor-saving device, service or substance which make a task easier or more efficient than a traditional method. Convenience is a relative ...
In retail economics and geography, comparison goods are products which are usually higher value [1] and purchased infrequently, such as vehicles, household goods or clothing. [1] [2] Consumers tend to compare products before purchasing them to maximise value and quality.
choices made in such “hot” visceral states are not always rational, as dictated by economic theory. For example, David M. Cutler and colleagues (2003) investigate whether or not the increase in caloric intake over time could be seen as simply a rational response to the lowered
In economics, inferior goods are those goods the demand for which falls with increase in income of the consumer. So, there is an inverse relationship between income of the consumer and the demand for inferior goods. [1] There are many examples of inferior goods, including cheap cars, public transit options, payday lending, and
The consumer makes comparisons among both retail controlled factors and factors associated with the product (brand). Shopping store – speciality good. The consumer has a sto the brand of the product, but shops among a number of stores in order to secure the best retail service and/or price for this brand. Speciality store – convenience good.
In economics, goods are items that satisfy human wants [1] and provide utility, for example, to a consumer making a purchase of a satisfying product. [2] Economics focuses on the study of economic goods , or goods that are scarce ; in other words, producing the good requires expending effort or resources.