2.2 Demand

Question 1

Demand

Answer 1

The quantity of a good or service that consumers are willing and able to buy given its price, the price of other goods and consumers incomes and preferences

Question 2

Joint demand

Answer 2

Demand for goods that are interdepedent, such that they are demanded together

Question 3

Composite demand

Answer 3

Demand for a good which has multiple uses

Question 4

Derived demand

Answer 4

Where the demand for a factor of production or good derives not from the factor or good itself but from the goods or services that it provides

Question 5

Complements

Answer 5

Two goods consumed jointly so that an increase in the price of one good causes demand for the other good to fall

Question 6

Competitive demand

Answer 6

Demand for goods which are in competition with eachother