Derived demand is defined as the demand for a good or service that is derived from the demand for another good or service. In other words, the demand for the good or service in question is not directly related to the consumer's own needs or wants, but is instead indirectly related to the demand for another good or service. For example, the demand for steel is derived from the demand for automobiles. The demand for automobiles is not directly related to the consumer's own needs or wants, but is instead indirectly related to the demand for steel.
What is the definition of derived demand chegg? Derived demand is defined as the demand for a good or service that is derived from the demand for another good or service. In other words, derived demand is the demand for a good or service that is a result of the demand for another good or service. For example, the demand for coal is derived from the demand for electricity. What is the definition of derived demand click or tap a choice to answer the question? Derived demand is defined as the demand for a good or service that is derived from the demand for another good or service.
What are different types of demand? There are many different types of demand, but the three most common are:
1. Individual demand: This is the demand for a good or service by a single consumer.
2. Market demand: This is the demand for a good or service by all consumers in a given market.
3. Aggregate demand: This is the demand for all goods and services in an economy. What mean by derived demand? Derived demand is a term used in economics to describe the demand for a good or service that is derived from the demand for another good or service. For example, the demand for steel is derived from the demand for products that are made from steel, such as cars and buildings. Why is labor demand called derived demand? The term "derived demand" is used in economics to refer to a demand that is derived from another demand. In the case of labor demand, it is derived from the demand for the good or service that the labor is used to produce. The demand for labor is determined by the demand for the good or service that it produces. If the demand for the good or service decreases, the demand for labor will also decrease.