Economics B A-Level
Substitutability
What Substitutability means in Economics B A-Level, as defined for Pearson Edexcel.
Definition of Substitutability
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Read the wording for your board, then hide it and explain Substitutability in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: Pearson Edexcel
The availability of close substitutes is the most significant determinant, so goods with many substitutes have highly elastic demand whereas those with few are inelastic.
Topics that use Substitutability
- Price elasticity of demand (PED) (Pearson Edexcel A-Level)
Related terms
- Necessity versus luxury
- Percentage changes
- Price elastic demand
- Price elasticity of demand
- Price inelastic demand
- Pricing strategies
- Time periods in economics
- Total revenue
Using Substitutability in the exam
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