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The demand for a commodity or service which is a consequence of the demand for something else is called ______.
Direct Demand
Income Demand
Derived Demand
Composite Demand
- Derived Demand: This is the correct term. It describes demand for a product or service that occurs as a result of the demand for another item. For example, the demand for steel is derived from the demand for cars.
Correct Answer: Derived Demand
- Direct Demand: Refers to demand for products that satisfy consumer wants directly, like food or clothing.
- Income Demand: This is related to how consumers' demand for goods changes with a change in their income.
- Composite Demand: Occurs when a product has several different uses, like sugar being used for food, drinks, and industry.
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