Question
Write short notes on types of demand.
✓
Answer
Types of Demand:
- Direct Demand : When a commodity satisfies the want of a consumer directly, it is said to have direct demand. Demand for consumer goods like food, clothes, sugar, vegetables, milk, etc.
- Indirect Demand : It refers to demand for goods which are required for further production. It is also called as derived demand. Demand for factors of production like land, labour, capital, etc.
- Joint or Complementary Demand : When two or more goods are demanded at a same time to satisfy single want, it is known as Joint or Complementary Demand. E.g. car and fuel, pen and ink, mobile phone and sim card, etc.
- Composite Demand : When one commodity can be utilize for several needs or multiple uses, it is known as composite demand. E.g. electricity, steel, coal, etc.
- Competitive Demand : It is demand for those goods which are substitute for each other. E.g. tea or coffee, sugar or jaggery, pepsi or Thumsup, etc.
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