Demand and supply – Types of demand

Economics SSS 2 Second Term

WEEK 4

Demand and supply – Types of demand

Performance Objectives

Student should be able to:

  1. List and explain the types of demand.
  2. Differentiate between change in demand and change in quantity demanded

Content

Types of Demand

  1. Derived demand: This refers to when the demand for one commodity necessitates the demand for another commodity. For example, money is demanded because people need it to purchase other commodities.
  2. Joint or complementary demand: Two commodities are said to be complementary to each other as a change in the demand for one commodity will bring about a similar change in the demand for the other. Joint demand occurs when two commodities that are related to each other are demanded at the same time. Examples are car and petrol, stove and kerosene.
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