Econ 1 - Demand Flashcards
1
Q
Effective demand
A
demand for a good backed with the ability to pay.
2
Q
Derived Demand
A
Demand for one good or services comes from the demand for another good or service. e.g. demand for cars drives the demand for steel.
3
Q
Complementary Demand
A
The goods demand is increased when the price of another good is decreased,
4
Q
Joint Demand
A
demand for two or more products (or services) are interdependent, normally because they are used together.
5
Q
Composite demand
A
Demand for a good that has multiple different uses.
