Which type of demand best explains the relationship between the demand for new houses and the demand for bricklayers?
Select ONE answer:
- competitive demand
- composite demand
- derived demand
- joint demand
Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
This multiple choice question is suitable for Economics KS5 classes.
The answer is 3
- Competitive demand occurs when goods are substitutes.
- Composite demand occurs when a product has multiple uses.
- Correct: derived demand is when the demand for one good or service is dependent on the demand for another good or service.
- Joint demand occurs when products are complements.
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