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What (who) is derived demand - definition
Derived demand
DEMAND FOR A FACTOR OF PRODUCTION THAT OCCURS AS A RESULT OF THE DEMAND FOR ANOTHER (E.G. FINAL) GOOD
In economics, derived demand is demand for a factor of production or intermediate good that occurs as a result of the demand for another intermediate or final good.Economics help - Derived Demand In essence, the demand for, say, a factor of production by a firm is dependent on the demand by consumers for the product produced by the firm.
Hicks–Marshall laws of derived demand
ECONOMIC THEORY EXPLAINING OWN-WAGE ELASTICITY OF DEMAND FOR A CATEGORY OF LABOUR
Hicks-Marshall laws of derived demand
In economics, the Hicks–Marshall laws of derived demand assert that, other things equal, the own-wage elasticity of demand for a category of labor is high under the following conditions:
Labor demand
CONCEPT IN ECONOMICS DESCRIBING THE NUMBER OF LABOR-HOURS AN EMPLOYER IS WILLING TO HIRE
Labour demand; Labor demand function; Labour demand function; Demand for labor; Labor Demand
In economics, the labor demand of an employer is the number of labor-hours that the employer is willing to hire based on the various exogenous (externally determined) variables it is faced with, such as the wage rate, the unit cost of capital, the market-determined selling price of its output, etc. The function specifying the quantity of labor that would be demanded at any of various possible values of these exogenous variables is called the labor demand function.
