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Question
Explain with reason whether you 'agree' or 'disagree' with the following statement:
There are many types of demands.
Solution
Yes, I agree to this statement. Types of Demand :
(i) Direct Demand : When a commodity is demanded to satisfy human wants directly, it is direct or conventional demand. For example, the demand for food, clothes have direct demand. Consumer goods have direct demand.
(ii) Indirect Demand : Indirect demand is also known as derived demand. When goods are demanded indirectly, i.e., to produce consumer goods, it is indirect demand. For example: the demand for factors of production is indirect demand.
(iii) Joint Demand : When two or more goods are demanded jointly to satisfy a single need, it is known as joint demand. For example : to make tea, water, sugar, tea powder, milk etc. is jointly demanded. The demand for complementary goods is joint demand.
(iv) Composite Demand : The demand for commodities, having alternative uses i.e. which is used for satisfying several want at a time, is composite demand. For example : the demand for electricity is composite demand.
(v) Competitive Demand : Competitive demand is when demand for a commodity competes with its substitutes. For example : tea and coffee have competitive demand.
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