PRINCIPLES OF ECONOMICS: Types of demand

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INTRODUCTION TO THE PRINCIPLES OF ECONOMIC

Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing.

2. Demands

2.3. Types of demand

Demand can be categorized into several types based on different criteria. Here are some common types:

Individual Demand: The demand for a good or service by a single consumer.
Market Demand: The total demand for a good or service from all consumers in the market, derived by aggregating individual demands.
Derived Demand: Demand for a good or service that arises from the demand for another good or service. For example, the demand for steel is derived from the demand for cars.
Joint Demand: When two or more goods are demanded together because they complement each other, such as printers and ink cartridges.
Composite Demand: Demand for a good that has multiple uses. For example, the demand for sugar can come from the food industry, beverages, and pharmaceuticals.