Substitutability (Noun)
Meaning
Exchangeability by virtue of being replaceable.
Classification
Nouns denoting attributes of people and objects.
Examples
- The study on resource utilization highlighted the substitutability of fossil fuels with renewable energy sources.
- The company's modular design ensured the substitutability of parts, making maintenance and repairs more efficient.
- The substitutability of labor and capital in the production process allowed the firm to adjust its inputs in response to changes in market conditions.
- The substitutability of different brands of coffee was a key factor in the market research, as consumers were found to be indifferent between them.
- The substitutability of traditional and digital payment methods was a major consideration in the development of the new financial platform.