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Demand for one good or service that is determined by demand for another good or service is .?
derived demand
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Demand for one good or service that is determined by demand for another good or service is?
derived demand
What happens when the demand for one good or service results in the demand for another?
When the demand for one good or service leads to an increase in the demand for another, it is known as complementary demand. This means that the two goods or services are often used together or are seen as related in some way. As a result, an increase in the demand for one product will typically lead to an increase in the demand for the other.
What is the difference between derived demand and absolute demand?
Derived demand refers to the demand for a good or service that results from the demand for another good or service, typically in a production context. For example, the demand for steel is derived from the demand for automobiles, as steel is a necessary input in their production. In contrast, absolute demand refers to the total demand for a product or service in the market, independent of the demand for other goods. Essentially, derived demand is contingent on the demand for related products, while absolute demand stands alone.
What is variable demand stochastic demand deterministic demand?
stochastic demand is random demand. it is determined by predictable actions and a random element.
Why is determining demand elasticity important in economics?
What are the determined factors of price elasticity of demand
Demand for one good or service that is determined by demand for another good or service is?
derived demand
What is another definition for value?
It is the importance assigned to an object or service as determined by public demand.
What is the value of a good or service is determined by?
Value is determined by the demand and the supply
What happens when the demand for one good or service results in the demand for another?
When the demand for one good or service leads to an increase in the demand for another, it is known as complementary demand. This means that the two goods or services are often used together or are seen as related in some way. As a result, an increase in the demand for one product will typically lead to an increase in the demand for the other.
What is the difference between derived demand and absolute demand?
Derived demand refers to the demand for a good or service that results from the demand for another good or service, typically in a production context. For example, the demand for steel is derived from the demand for automobiles, as steel is a necessary input in their production. In contrast, absolute demand refers to the total demand for a product or service in the market, independent of the demand for other goods. Essentially, derived demand is contingent on the demand for related products, while absolute demand stands alone.
What is indirect demand?
Indirect demand refers to the demand for goods or services that arises from the demand for another good or service. This can occur when one product is necessary for using another product, causing a ripple effect in the demand chain. For example, the demand for automobile tires is indirectly driven by the demand for automobiles.
What is variable demand stochastic demand deterministic demand?
stochastic demand is random demand. it is determined by predictable actions and a random element.
Why is determining demand elasticity important in economics?
What are the determined factors of price elasticity of demand
Definition for ''law of demand''?
In economics, the law of demand states:- As the price of a good or service increases, the demand for that good or service will decrease.- As the price of a good or service decreases, the demand for that good or service will increases.
What determines a price of a good service?
The price and quantity are generally determined by the demand for the products, e.g the desire by consumers to purchase them. Generally, the greater the demand, the higher the price, and the greater the quantity that will be produced for sale.
Distinguish between industry demand and firm demand?
Industry demand is subject to genera economic conditions. Firm demand is determined by economic conditions and competition
How are prices determined under a free-trade system?
I got supply & demand from another website somewhere
