Substitute Goods Essay Example For Students

Substitute Goods Essay In economics, one kind of good (or service) is said to be a substitute good for another kind insofar as the two kinds of goods can be consumed or used in place of one another in at least some of their possible uses. Classic examples of substitute goods include margarine and butter, or petroleum and natural gas (used for heating or electricity). The fact that one good is substitutable for another has immediate economic consequences: insofar as one good can be substituted for another, the demand for the two kinds of good will be bound together by the fact that customers can trade off one good for the other if it becomes advantageous to do so. We will write a custom essay on Substitute Goods specifically for you for only $16.38 $13.9/page Order now Thus, an increase in price for one kind of good (ceteris paribus) will result in an increase in demand for its substitute goods, and a decrease in price (ceteris paribus, again) will result in a decrease in demand for its substitutes. Thus, economists can predict that a spike in the cost of wood will likely mean increased business for bricklayers, or that falling cellular phone rates will mean a fall-off in business for public pay phones. It is important to note that when speaking about substitute goods we are speaking about two different kinds of goods; so the substitutability of one good for another is always a matter of degree. One good is a perfect substitute for another only if it can be used in exactly the same way, at exactly the same cost, and with exactly the same quality of outcome; that is, when there is no particular incentive for a customer to prefer one over the other. Needless to say, there are relatively few perfect substitutes except between two goods of the same kind. Much more common is for goods to be imperfect substitutes for one another. Compact discs and cassettes, for example, can both be used for the same purpose (as media for recording and replaying sound), but there are significant differences between the two in terms of durability, sound quality, and the cost of the recording media and the equipment used to record on it. As a result the two can be substituted for one another, but there are significant trade-offs involved in deciding to substitute one for the other: if you buy a tape instead of a CD, you may pay less, but you will get lower sound quality and a less durable good; if you buy a CD instead of a tape, you may get better sound quality but you will pay more and you may not be able to listen to the CD in your car. Nevertheless, CDs and cassettes are substitute goods (though only imperfectly): and so if changes in the market tend to erode the advantages f choosing cassettes over CDs (such as a decrease in CD prices or increased availability of car CD players) it will tend to increase the demand for CDs and decrease the demand for cassettes. The opposite of a substitute good is a complement good. In other words, good substitution is an economic concept where two goods are of comparable value. Car brands are an example. While someone could argue that Ford trucks are much different from Toyota tr ucks, If the price of Ford trucks goes up enough, some people will buy Toyota trucks instead.

Pro Con Essay Topics - How to Write Great Pro Con Essay Topics

Pro Con Essay Topics - How to Write Great Pro Con Essay TopicsTo write an excellent essay, you must begin by choosing good pro con essay topics. This will greatly affect the content of your paper and how well it is received by your instructor or college admissions committee.Good topics will be useful to both the professor and to those reading your paper. You should research several potential topics prior to submitting the paper. This allows you to have several subjects to talk about. It also helps you know exactly what the professor wants to see in the paper before he gives it.The topic ideas you research will be based on the theme of your class. The topic of your professor's class is extremely important when it comes to selecting topics for your paper. He/she knows what subject areas are likely to interest you and be important to the topic of your paper.Some of the subjects you can choose from are: life, relationships, relationships with others, history, politics, government, sports , literature, and more. What topics should you avoid? Well, none of these subjects are very interesting! There are topics available which are excellent, but you won't find them if you follow the rules for good topics.First, the topics must be primarily concerned with logic and grammar, and not with facts or real world application. Subjects such as these will simply be ignored by the professors. When writing about such subjects, concentrate on the 'What' and not the 'how.' Too often students are tempted to include this information when writing about problems or events, but they need to avoid the topic when writing about everyday topics such as 'how I met my boyfriend'what is my favorite type of music?'The second thing to keep in mind when selecting essay topics is to choose topics that appeal to the professor. Make sure the topic you choose for him or her is not too abstract. He/she does not want a dissertation discussing all about their craft. The proper theme is a lot simpler than this. If you can write about one thing, it is most likely a good topic for you.If you decide that your topic is something along the lines of 'How did I meet my boyfriend,' it is most likely best to write your own original essay. Otherwise, it is good to get someone else to write it for you. If you are not comfortable writing an essay on the topic you are researching, you can always hire a college student to write it for you. The student is paid to write on specific topics, just make sure that you are comfortable having the student write the essay for you.Always remember that your thesis must be read by at least one other person. Therefore, there must be a method to selecting topics and then choosing appropriate writers to write your thesis. Once you've found out the proper methods, you will be able to write good Pro Con Essay topics.