which of the following is an example of derived demand

Assessment: WAEC SSCE - Economics - 2017 (Objective) Subject: Economics

Question 1 Report

which of the following is an example of derived demand

Answer Details
Labour is an example of derived demand. Derived demand refers to the demand for a product or service that arises from the demand for another product or service. In the case of labour, the demand for workers arises from the demand for the goods or services they produce. For example, a factory may require a certain number of workers to produce a certain number of goods. The demand for those workers is therefore derived from the demand for the goods they produce. In contrast, a textbook, staple food, or mobile phone are not examples of derived demand because they are products that are demanded directly by consumers, rather than being demanded as a result of the demand for another product or service.

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning