How Do You Spell SUBSTITUTION PRODUCT?

1. A substitution product refers to a good or service that can be used as an alternative or replacement for another product. It is a term commonly used in economics and marketing, specifically in relation to consumer behavior and preferences. The concept of substitution products arises from the notion that consumers are willing to substitute one product for another if it meets their needs or preferences sufficiently.

   In economics, the idea of substitution products is closely tied to the concept of elasticity of demand. If a product has a high degree of elasticity, it means that consumers are highly responsive to changes in price and will readily switch to a substitute product if the price of the original product changes. For example, if the price of a particular brand of coffee increases significantly, consumers may opt to purchase a different brand of coffee that offers a similar taste and quality at a lower price. In this case, the different brand acts as a substitution product.

   Substitution products can take various forms depending on the market and consumer preferences. They can range from similar products within the same industry to completely different products that fulfill a similar need. For instance, in the automobile industry, hybrid and electric vehicles can be considered as substitution products for traditional gasoline-powered cars, as they offer an alternative means of transportation with reduced environmental impact.

   Overall, a substitution product is a product that competes with another product by offering similar benefits, characteristics, or functionalities, thereby giving consumers a choice between multiple options to fulfill their needs or desires.

2. A product obtained by replacing one element in a molecule with an atom or radical of another substance.

   A practical medical dictionary. By Stedman, Thomas Lathrop. Published 1920.

Common Misspellings for SUBSTITUTION PRODUCT

The word "substitution" traces its roots back to the Latin word "substitutio", which means "a putting in place of" or "a substitution". It is derived from the verb "substituere" which is a combination of "sub" meaning "under" and "statuere" meaning "to set up" or "to place".

The word "product" also comes from Latin, from the word "productus", which means "something produced" or "result".

When "substitution" and "product" are combined, "substitution product" refers to the result or product that is formed as a result of a substitution reaction, where one atom or group of atoms is replaced by another in a chemical compound.