The Demand for a Productive Resource, Not for Its Own

question 90

Multiple Choice

The demand for a productive resource, not for its own sake, but for use in the production of goods and services is called a _______.

• A) derived demand
• B) production demand
• C) resource demand
• D) goods and services demand

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Definitions:

Long Run

A period of time in economics sufficient for all markets to adjust to changes, including the production capacity of the industry.

Price Paid

The actual amount of money exchanged for acquiring a good or service.

Resource Market

A market where raw materials, services, and other inputs required to produce goods and services are bought and sold.

Shift Resources

The reallocation of resources from one use to another, often in response to changing market conditions.