Substitutes, often referred to as "subs," are products or services that can replace each other in fulfilling a similar need or function. For example, if the price of coffee rises, consumers might choose tea instead, as it serves a similar purpose of providing a beverage. Substitutes can affect market demand and pricing, as consumers will switch to alternatives if they find them more affordable or appealing. In economics, the concept of substitutes is important for understanding consumer behavior and market dynamics. When the availability of a substitute increases, it can lead to a decrease in demand for the original product. This relationship helps businesses strategize pricing and marketing to remain competitive in the market.