DERIVED DEMAND AND AUTONOMUS DEMANS DIFFERENCES

 Derived demand refers to the demand for a good or service that arises from the demand for another good or service, whereas autonomous demand refers to the demand for a good or service that is not directly related to the demand for any other good or service. Here are 10 key differences between derived demand and autonomous demand:


Relationship: 

Derived demand is the result of the relationship between two or more goods or services, whereas autonomous demand is not related to any other good or service.


Cause: 

Derived demand is caused by the demand for the related good or service, whereas autonomous demand is caused by other factors such as personal preferences, income, or market trends.


Elasticity: 

The demand for a good or service with derived demand tends to be less elastic than the demand for a good or service with autonomous demand.


Stability:

 The demand for a good or service with derived demand tends to be more stable over time than the demand for a good or service with autonomous demand.


Substitutability: 

Goods or services with derived demand are less substitutable than goods or services with autonomous demand.


Degree of necessity: 

Goods or services with derived demand tend to be more necessary for the production or consumption of other goods or services than goods or services with autonomous demand.


Interdependence: 

The demand for goods or services with derived demand is highly interdependent, whereas the demand for goods or services with autonomous demand is not.


Industry-specific: 

Derived demand is specific to certain industries, whereas autonomous demand can apply to any industry.


Influence on price:

 The demand for a good or service with derived demand can influence the price of the related good or service, whereas the demand for a good or service with autonomous demand is less likely to affect prices.


Forecasting: 

Forecasting the demand for goods or services with derived demand is more complex than forecasting the demand for goods or services with autonomous demand.

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