Interrelationships Between Markets Flashcards
1
Q
Substitutes
A
Goods/services that can be replaced by other similar goods/services i.e. iPhone and Samsung
Competitive demand
Less supply would mean more demand on the other market
2
Q
Complements
A
Joint demand
By demanding for one good/service would mean the consumer would be highly likely to demand the other good/service i.e. PS5 and FIFA
Increased supply leads to increased demand
