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Questions
Explain any four types of demand.
Write a short note:
Types of demand
What are the types of demand?
Solution
The following are the types of demand:
- Direct demand: It is the demand by the consumer for goods which satisfy their wants directly. They serve the direct consumption needs of the consumers. Thus, it is the demand for consumer goods. For example, demand for cloth, sugar, etc.
- Indirect demand: Indirect demand is also known as derived demand. It refers to demand for goods which are needed for further production. It is the demand for producer's goods. Hence, all factors of production have indirect or derived demand. For example, demand for workers in a sugar factory is derived from indirect demand; clothes and a house are examples of direct demand.
- Complementary/Joint demand: When two or more goods are demanded jointly to satisfy a single want, it is known as joint or complementary demand. For example, cars and fuel, etc.
- Composite demand: The demand for a commodity which can be put to several uses is known as composite demand. For example, electricity is demanded for several uses, such as lights, fans, washing machines, etc.
- Competitive demand: It is demand for those goods which are substituted for each other. For example, tea or coffee, sugar or jaggery, etc.
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