User: What do substitutes refer to in economics? Give two examples.

Note: Goods A and B are substitutes, 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 out. [ A decrease in the price of A will result in a rightward movement along the demand curve of A and cause the demand curve for B to shift in. ]
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Weegy: This relationship between demand schedules leads economists to classify goods as either substitutes or complements. Substitute goods are goods which, as a result of changed conditions, may replace each other in use (or consumption)[1]. [ We have two types of substitute. They are gross substitutes and net substitutes. ]
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