Q:

What are some different types of demand?

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Quick Answer

The main types of demand in economics are derived demand, composite demand, competitive demand and complementary or joint demand. The term "demand" refers to the amount of a product consumers are able and willing to purchase over a particular period of time, at a given price.

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Full Answer

"Derived demand" refers to the relationship between factors of production and the finished service or product made available on the market. "Composite demand" refers to a product that has multiple uses and purposes. "Competitive demand" is a term that refers to the products that compete for sale, whereas "complementary demand" or "joint demand" occurs when more than one product is needed to meet a single demand.

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