The Demand for Factors of Production or Resources Is Called

question 4

Short Answer

The demand for factors of production or resources is called a derived demand.Explain the reasoning behind this terminology.What are the determinants that lie behind the demand for factors?

---

Definitions:

Corporations

Legal entities established under corporate law that are distinct from their owners and shareholders, having rights and responsibilities and capable of conducting business.

Human Capital

The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

Inventory Investment

The change in the total value of unsold goods and materials held by businesses over a specific period.

GDP

Gross Domestic Product; the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.