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Author Question: Why is the demand for labor a derived demand? What will be an ideal ... (Read 25 times)

luminitza

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on: Jun 29, 2018
Why is the demand for labor a derived demand?
 
  What will be an ideal response?

Question 2

Suppose there is a new technological invention that will allow you to put any resource into a special black box and in an instant anything that you program it to produce will be produced? Does this invention end scarcity? Why or why not?
 
  What will be an ideal response?


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at

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Reply #1 on: Jun 29, 2018
Answer to Question 1

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.

Answer to Question 2

It does not end scarcity for the simple reason that you still need to use human labor to place the resources in the black box and the natural resources themselves of course are still scarce. In addition, this device will not limit our wants.


luminitza

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Reply 2 on: Jun 29, 2018
Excellent

ebonylittles

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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