Asked by
Leandra Gallegos
on Nov 26, 2024
Verified
The demand for a resource depends on its productivity and the market value of the product it is producing.
Market Value
The ongoing rate at which a commodity or service can be traded in the public market.
Productivity
The measurement of efficiency in which goods and services are produced, often assessed by the amount of output per unit of input.
- Comprehend the principle of derived demand and its connection to the necessity for resources including labor and capital.
- Understand the influence of resource productivity changes on a company's requirement for inputs.
Verified Answer
LP
Learning Objectives
- Comprehend the principle of derived demand and its connection to the necessity for resources including labor and capital.
- Understand the influence of resource productivity changes on a company's requirement for inputs.
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