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☆☆☆☆☆Derived demand occurs when there is a change of customers' demand on particular product and produces have to buy new production equipment, which means that the change in consumer demand for a product affects demand for all firms involved in the production of that product.
Joint demand has nothing to do with changing the production equipments. In this case, demand of the product depends on demand of its compliment. For example, demand on inc depends on demand on printers.
Economics is a collective term. It is used in the singular.
In a free-market system, the goods consumers should buy is whatever goods they wish to buy.
Perfect Compitition.
The two subfields of economics are positive statements and normative statements.
A state of equilibrium in the production of goods and services within the economic parameters in consumption,investments,savings and the forces of supply and demand for production.
gross domestic product
The product market is the market in which firms sell their output of goods and services.
Producers make the goods and consumers buy and use the goods.
