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With Suitable Examples Differentiate Between Complementary Goods and Substitute Goods. - ICSE Class 10 - Economics

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Question

With suitable examples differentiate between complementary goods and substitute goods.

Solution

Substitute goods are goods which can be used in place of one another for the satisfaction of a particular want. Demand for a commodity varies directly with the price of a substitute good, say coffee and tea.
Complementary goods are goods which are used together to satisfy a particular want. Demand for a commodity varies inversely with the price of a complementary good, say computer hardware and software.

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APPEARS IN

 2016-2017 (March) (with solutions)
Question 1.5 | 2.00 marks
Solution With Suitable Examples Differentiate Between Complementary Goods and Substitute Goods. Concept: Concept for Demand and Supply.
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