ECONOMICS NOTES
Economics is the study of how individuals, businesses, and governments allocate resources to satisfy their needs and wants
2. Demands
2.3. Types of demand
Demand can be categorized into several types based on different criteria. Here are some common types:
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Individual Demand: The demand for a good or service by a single consumer.
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Market Demand: The total demand for a good or service from all consumers in the market, derived by aggregating individual demands.
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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.
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Joint Demand: When two or more goods are demanded together because they complement each other, such as printers and ink cartridges.
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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.