Types Of Demand Flashcards

1
Q

What is joint demand

A

Demand for one product product is directly related to demand for related product

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2
Q

What is joint supply

A

Increase in supply for one good leads to increase in supply of a related good

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3
Q

What is derived demand

A

Demand for a good that is demanded for something else. Eg demand of labour

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4
Q

What is composite demand

A

Goods is demanded for 2 or more uses

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