GCE Economics 2023 Objective — Question 6
Question 6 of 50 from the General Certificate of Education (GCE) Economics 2023 Objective paper, with the correct answer and a full explanation.
Advertisement
The demand for a factor input as a result of the demand for its output is known as A. complementary demand B. competitive demand C. derived demand D. market demand
- A. complementary demand
- B. competitive demand
- C. derived demandCorrect
- D. market demand
Explanation
The demand for factor inputs (land, labour, capital) is a derived demand - it exists only because of the demand for the output/commodity the input helps to produce.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.