Equilibrium Price Determination Flashcards
1
Q
Joint supply
A
When production of one good increases supply of another good (by product)
2
Q
Joint demand
A
When two goods are demanded together, also known as complementary goods
3
Q
Competing demand
A
Goods which can be replaced or substituted for one another, also known as substitutes
4
Q
Composite demand
A
When a good is demanded for two or more separate uses
5
Q
Derived demand
A
Demand for a factor of production used to produce a good
