Final answer:
A bargain is what you would call an item bought for less than the usual price, and it can occur due to market changes. Economists study these patterns, viewing them in terms of supply, demand, and the utility gained by consumers.
Step-by-step explanation:
An item that you are able to purchase below the usual price is often referred to as a bargain. In economic terms, when a shopper gets such a "good deal," this is typically due to a change in market dynamics, such as an increase in supply or decrease in demand, that leads to a lower price. These changes could also be the result of a product being a substitute for another, pricier item, thereby decreasing demand for the original product. For instance, if the price of electronic books drops, people might buy fewer traditional printed books, exemplified by a leftward shift in the demand curve for printed materials, as they opt for the more affordable alternative. When a good is purchased at a better value than usual, it provides the buyer with a sense of obtaining more utility or satisfaction per dollar spent, which is an essential concept in the study of economics.
An economist would use the term substitute to describe what happens when a shopper gets a "good deal" on a product.
A substitute is a good or service that can be used in place of another. When the price of a substitute is lower, it decreases demand for the other product. For example, if the price of tablet computers decreases, the demand for laptops decreases as people purchase tablets instead.
A higher price for a substitute has the reverse effect, increasing demand for the other product.