Alternative demand and derived demand definition in simple words
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Heya....
Alternative demand ....
It is the demand in response to change in price of related goods....As the impact on tea demand after changes the price of coffee is called alternative demand....
Derived demand.....
It is the demand for factor of services like land. labour. capital. enterperurship and also for intermediate goods used in further production...
Alternative demand ....
It is the demand in response to change in price of related goods....As the impact on tea demand after changes the price of coffee is called alternative demand....
Derived demand.....
It is the demand for factor of services like land. labour. capital. enterperurship and also for intermediate goods used in further production...
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