a good that can be used in place of another good
A substitute good substitute good
title: Used good text: Used good A secondhand or used good is a piece of personal property that is being purchased by or otherwise transferred to a second or later end user. A "used" good can also simply mean it is no longer in the same condition as it was when transferred to the current owner. When the term "used" means that an item has expended its purpose (such as a used diaper), it is typically called garbage, instead. Used goods may be transferred informally between friends and family for free as hand-me-downs. They may be sold for a fraction of their original price title: Public good text: Public good In economics, a public good is a good that is both non-excludable and non-rivalrous in that individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others. This is in contrast to a common good which is non-excludable but is rivalrous to a certain degree. Public goods include knowledge, official statistics, national security, common language(s), flood control systems, lighthouses, and street lighting. Public goods that are available everywhere are sometimes referred to as global public goods. There is an important conceptual difference between the sense of "a" public good, or title: Common good (economics) text: Common good (economics) Common goods are defined in economics as goods which are rivalrous and non-excludable. Thus, they constitute one of the four main types based on the criteria: One modern example is climate stability. Classic examples of common goods are water and air. Water and air can be polluted: water flows can be tapped beyond sustainability, and air is often used in combustion, whether by motor vehicles, smokers, factories, wood fires. In the production process these resources and others are changed into finished products such as food, shoes, toys, furniture, cars, houses and televisions. Another example of a private title: Complementary good text: order to require more erasers. In this case the utility would be given by an increasing function of: In marketing, complementary goods give additional market power to the company. It allows vendor lock-in as it increases the switching cost. A few types of pricing strategy exist for a complementary good and its base good: Complementary good In economics, a complementary good or complement is a good with a negative cross elasticity of demand, in contrast to a substitute good. This means a good's demand is increased when the price of another good is decreased. Conversely, the demand for a good title: Complementary good text: Complementary good In economics, a complementary good or complement is a good with a negative cross elasticity of demand, in contrast to a substitute good. This means a good's demand is increased when the price of another good is decreased. Conversely, the demand for a good is decreased when the price of another good is increased. If goods A and B are complements, an increase in the price of A will result in a leftward movement along the demand curve of A and cause the demand curve for B to shift in; less of each good will be demanded. A