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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

What does it mean to say that the demand for a factor is a derived demand?

To determine

Meaning of derived demand for a factor.

Explanation

Derived demand is the demand for the factors of production that depend on the demand for the good that the factor produces. Since the demand for labor depends on the demand for goods and services that the labor produces, the demand for labor is a derived demand. For example, when the demand for product increases, the demand for labors also increases.

Concept

Derived demand: Derived demand refers to the demand for the factors of production that depend on the demand for the good the factor produces.

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