Interrelationships between markets - micro 0.0 / 5 ? EconomicsInterrelationships between marketsA2/A-levelAQA Created by: EmmaL88Created on: 26-01-20 17:03 What is Joint Demand? the relationship between complementary goods. If the price of good X increases the demand for Good Y decreases (demand decreases for both goods) 1 of 6 What is competing demand? Descrives the relationship between substitute goods. As the price of good X increases the demand for good Y increases 2 of 6 What is composite demand? Demand for a good that has more than one use. eg Wheat - biofuel and food. Only a fixed amount of wheat 3 of 6 What is derived demand? Demand for a good which is used in the production of another good eg if demand for petrol increases then demand for oil increases 4 of 6 What is joint supply? When supply of a good leads to the supply of a by product eg beef and leather 5 of 6 What is competing supply? a good that can be put to more than one use but means it cannot be used in another manner 6 of 6
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