Substitute (Goods)
In Essence It Is 2 Goods That Can Be Exchanged And Both Are Connected. If The Price Of One Increases, So Does The Price Of The Other. The Same Applies To A Decrease.
According To Wikipedia
“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.
According To The Economist
“In Terms Of Demand (That Is, Substitute-In-Consumption), One Of Two Goods That Replace Each Other In Consumption Such That An Increase In The Price Of One Good Leads To An Increase In Demand And A Rightward Shift In The Demand Curve For The Other Good. If The Demand Of Good 1 Increases As The Price Of Good 2 Increases, The Goods Are Substitutes-In-Consumption. In Terms Of Supply (That Is, Substitute-In-Production), One Of Two Goods That Replace Each Other In Either Producing Using The Same Resources In An Either/Or Fashion, Such That An Increase In The Price Of One Good Leads To A Decrease In Supply And A Leftward Shift In The Supply Curve For The Other Good. If The Supply Of Good 1 Decreases As The Price Of Good 2 Increases, The Goods Are Substitutes-In-Production.”
Complementary (Goods)
Hot Dog Vs Hot Dog Bun
The Price Of One Drops So People Want To Buy Both For Cheaper
Aggregate
A Collection Of Items That Are Gathered To Make Up A Whole
The Collective Whole
Scarcity
Not Enough Supply To Meet The Demand
Microeconomics
Individual Industries
Looking At One Specific Business
The Coffee Industry, Starbucks, Wal-Mart, Etc
The Small Picture
Macroeconomics
Looking At Nation Wide
The Big Picture
Efficiently Is The Ratio Of The Output To The Input Of Any System
Using Recourses To Maximize The Production…
The Most For The Least
Marginal Revenue
The Cost Of Production Vs Cost Of Revenue
Gain Vs. Loss
