3.6 The Interrelationship Between Markets Flashcards
1
Q
Derived demand definition
A
Where a good is needed for production of another good, and so changes in demand for one good actually increase demand for another good
2
Q
Joint demand definition
A
Goods that tend to be demanded together (complementary goods)
3
Q
Joint supply definition
A
When the production of one good leads to the production of another good
4
Q
Composite demand definition
A
Where a good has more than one use, so if the demand for one usage of the good increases, there will be less supply available for other
