Substitutes in economics refer to goods or services that can replace each other in consumption, fulfilling similar needs or desires. When the price of one increases, demand for its substitute typically rises. In accounting, understanding substitutes is crucial for cost analysis and strategic planning, as they impact pricing strategies and market competition. This concept is integral to assessing market dynamics and consumer behavior.
CMA Prep Course
CMA Exam Academy is a proven, 16-week per part online coaching program to help you pass the CMA. The Academy’s comprehensive curriculum will help you pass the CMA exam and achieve your dreams of earning 6-figures per year, ascend to the executive ranks and earn the respect from your peers.
