The Demand for Labour Is Described as a Derived Demand

question 240

Multiple Choice

The demand for labour is described as a derived demand because

• A)it is derived by workers seeking to earn income to fund the consumption of goods and services.
• B)it is derived by producers seeking to make profits by starting new businesses.
• C)it is derived from the demand for products that use labour in the production process.
• D)it is derived from government institutions which rely on labour markets for the purpose of raising tax revenue.

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Definitions:

Early Adopters

Individuals or organizations who start using new technology or products at the initial stage, shortly after it has been launched.

Early Majority

A segment of product adopters who tend to purchase or try new products earlier than the average person but after a product has been proven by innovators and the early adopters.

Fashion Product

Items specifically designed, produced, and marketed within the fashion industry, often characterized by trends and seasons.

Style of the Times

The prevailing fashion, design, or tendency in society at a particular period or moment.