types of demand
what is composite demand
demand for a good that has more than one use
give an example of composite demand
land
what is derived demand
when the demand for a good exists because it is an input into the production of another good
give an example of derived demand
oil
what is joint demand
when a good is demanded another good is demanded at the same time
give an example of joint demand
tennis balls and raquets
what is competing demand
when the demand for a good can replace demand for another good
give an example of competing demand
off brand and name brand food
what is competing supply
when raw materials are used in the production of one good and therefore cannot be used in the production of another good
what is joint supply
when the production of a good results in the production of a by-product