types of demand and supply Flashcards
1
Q
competitive demand
A
when goods are substitutes, so buying one means you cannot buy the other
2
Q
composite demand
A
when a good or service has multiple uses and so is demanded for more than one reason
3
Q
joint demand
A
when goods are bought together
4
Q
market demand
A
the sum of all demand in the market
5
Q
competitive supply
A
when a business could make more than one good with its resources, and producing one means you cannot produce the other
6
Q
composite supply
A
when a good or service can be obtained from different sources
7
Q
joint supply
A
increasing the supply of one product causes the increase in the supply of a by-product.
8
Q
market supply
A
sum of all individual supplies in a market
