Examlex
The demand for labour is a derived demand.Explain what is meant by the term 'derived demand.'
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Brand Loyalty
The tendency of consumers to continuously purchase products from the same brand due to satisfaction, preference, or perceived superiority.
Elastic
A description of a situation where the demand or supply for a good or service significantly changes in response to a change in price.
Inelastic
Describes a situation where the demand or supply for a product does not change significantly when the price of the product changes.
Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage.
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