Types Of Demand Flashcards
1
Q
What is joint demand
A
Demand for one product product is directly related to demand for related product
2
Q
What is joint supply
A
Increase in supply for one good leads to increase in supply of a related good
3
Q
What is derived demand
A
Demand for a good that is demanded for something else. Eg demand of labour
4
Q
What is composite demand
A
Goods is demanded for 2 or more uses