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In microeconomics, substitute goods are two goods that can be used for the same purpose by consumers. [1] That is, a consumer perceives both goods as similar or comparable, so that having more of one good causes the consumer to desire less of the other good.
The Latin phrase quid pro quo originally implied that something had been substituted, meaning "something for something" as in I gave you sugar for salt.Early usage by English speakers followed the original Latin meaning, with occurrences in the 1530s where the term referred to substituting one medicine for another, whether unintentionally or fraudulently.
Lexical substitution is the task of identifying a substitute for a word in the context of a clause. For instance, given the following text: "After the match, replace any remaining fluid deficit to prevent chronic dehydration throughout the tournament", a substitute of game might be given.
A pronoun substitutes a noun or a noun phrase, with or without a determiner: it, this. A prop-word: one, as in "the blue one" A pro-adjective substitutes an adjective or a phrase that functions as an adjective: so as in "It is less so than we had expected." A pro-adverb substitutes an adverb or a phrase that functions as an adverb: how or this way.
Ersatz is a German word meaning substitute or replacement. [2] Although it is used as an adjective in English, it is a noun in German. In German orthography noun phrases formed are usually represented as a single word, forming compound nouns such as Ersatzteile ("spare parts") or Ersatzspieler ("substitute player").
Fungibility is different from liquidity.A good is said to be liquid if it can be easily exchanged for money or another good. A good is fungible if one unit of the good is substantially equivalent to another unit of the same good of the same quality at the same time, place, etc.
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Where ψ and φ represent formulas of propositional logic, ψ is a substitution instance of φ if and only if ψ may be obtained from φ by substituting formulas for propositional variables in φ, replacing each occurrence of the same variable by an occurrence of the same formula.