what is a substitute 
a substitute or substitutable good in economics and consumer theory refers to a product or service that consumers see as essentially the same or similar enough to another product put simply a substitute is a good that can be used in place of another substitutes play an important part in the marketplace and are considered a benefit for consumers they provide more choices for consumers who are then better able to satisfy their needs bills of materials often include alternate parts that can replace the standard part if it s destroyed 1investopedia xiaojie liuunderstanding substitutes