13) Interrelationships between markets Flashcards
1
Q
What is Competitive demand?
A
When 2 or more goods are substitutes for each other
2
Q
What is Composite demand?
A
When a good is demanded for 2 or more distinct uses
3
Q
What is Derived demand?
A
When the demand for a factor of production, such as crude oil, is the result of the demand for a good, such as petrol
4
Q
What is joint demand?
A
When 2 or more complements are brought together
5
Q
What is joint supply?
A
When 2 or more goods are produced together , so that a change in the supply of one good will necessarily change the supply of the other good
