Demand and Supply key Definitions Flashcards
1
Q
Joint demand
A
Demand for goods which are interdependent, such that they are demanded together.
2
Q
Composite demand
A
Demand for a good that has multiple uses
3
Q
Competitive demand
A
Demand for goods that are in competition with each other
4
Q
Competitive supply
A
A situation in which a firm can use its factors of production to produce alternative products
5
Q
Joint supply
A
Where a firm produces more than one product together
6
Q
Composite supply
A
Where a product produced by a firm serves more than one market
7
Q
Derived demand
A
Demand for a factor of production or a good which derives not from the factor or the good itself, but from the goods it produces
