Other Good Prices

Substitute Goods: Substitute goods are products that can be used as alternatives to each other. For example, if the price of coffee increases, people may switch to tea as a substitute.

Complementary Goods: Complementary goods are products that are typically consumed together. For instance, if the price of hot dogs decreases, it may lead to an increase in demand for hot dog buns.

Inferior Goods: Inferior goods are products whose demand decreases when consumer income rises. An example could be generic store-brand items versus name-brand items.