When there is a fall in price of a particular good and because of which demand of another good is reduced is known as Substitute goods. As the name suggests substitute goods are the goods which substitute the previous goods. For example, fall in E-Rickshaw price will attract more E-Rickshaw driver which will automatically reduce the demand of Rickshaw. Just like introduction of Rickshaw nearly reduced the demand of hand pulled Rickshaw to endangering its survivability. Let's take another example, during any festive season when the high end products cost reduces the demand of mid range products gets lower like lower in price of Woodland shoes will attract more customers which will automatically reduce the demand of mid range shoes.
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