Asked by
Torrey Seymour
on Nov 30, 2024Verified
Derived demand is a demand for
A) final goods and services.
B) intermediate goods like steel and plastics.
C) resources used only by monopolies.
D) factors of production.
Derived Demand
is the demand for a good or service that results from the demand for another good or service. For instance, the demand for steel is derived from the demand for cars.
Factors of Production
The resources of land, labor, capital, and entrepreneurial ability.
Final Goods
Products that have completed the manufacturing process and are ready to be used or consumed by the end-user.
- Elucidate on how derived demand functions within the labor market and other markets for factors of production.
Verified Answer
HR
Learning Objectives
- Elucidate on how derived demand functions within the labor market and other markets for factors of production.