A commodity is said to have derived demand when it

Assessment: WAEC SSCE - Economics - 2002 (Objective) Subject: Economics

Question 1 Report

A commodity is said to have derived demand when it
Answer Details
A commodity is said to have derived demand when it is demanded because of what it can help to produce. In other words, the demand for the commodity is derived from the demand for other goods and services that it can contribute to producing. For example, the demand for steel may be derived from the demand for cars or buildings. This is different from a commodity with direct demand, which is demanded for immediate consumption or use.
Read lesson note on The Theory Of Demand (JAMB)
Read lesson note on Demand (WAEC)
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