Why is the demand for labor a "derived demand?"
What will be an ideal response?
The demand for labor arises because we need to use labor to produce a good or service. The demand for a good, for example an apple, is a direct demand. However, the demand for an apple picker is a derived demand. It is derived from our need to use labor to produce the good we demand, the apple.
Economics
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What type of economic system is the United States economy based on?
a. cause and effect b. centralized c. market d. production
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If someone earned $25 million a year acting on a sitcom, the chances are that _____ of that $25 million would be economic rent.
A. none B. a small part C. a large part D. all
Economics