The factors determining resource demand differ from those determining product demand because the demand for products O is a derived demand, but the demand for resources depends on income and tastes. O depends on income and tastes, but the demand for resources is a derived demand. O is determined in markets, but the demand for resources is controlled by firms. O cannot be measured in the same units as the demand for resources.

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16-12-2022
Business

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The factors determining resource demand differ from those determining product demand because the demand for products O is a derived demand, but the demand for resources depends on income and tastes. O depends on income and tastes, but the demand for resources is a derived demand. O is determined in markets, but the demand for resources is controlled by firms. O cannot be measured in the same units as the demand for resources.

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SakshTiwari353 SakshTiwari353 · Answer 1 · 2022-12-20T13:04:14+01:00

The factors affecting resource demand are different from those affecting product demand since the demand for products is influenced by income and tastes whereas the need for resources is derived.

What are the differences between the variables that affect resource demand and those that affect product demand?

The elements that determine resource demand differ most significantly from those that determine product demand in this area. Income and preferences are important factors in product demand. But in the sense that it derives from consumer demand for the goods the resource can supply, resource demand is more passive.

What elements affect resource demand elasticity, quillet?

Demand is elastic when Erda is larger than one; it is inelastic when Erda is less than one; and it is unit elastic when Erda is equal to one. The ease of resource substitution, the elasticity of product demand, and the ratio of resource cost to total cost are among the variables.

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