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Sunday 11 May 2014

Inter-related markets

http://tutor2u.net/economics/revision-notes/as-markets-interrelationships.html

Joint supply - slaughtered cows make meat and leather, more deal cows affect supply and price in both markets. 

Composite demand - where goods have more than one use so that an increase in the demand for one product leads to a fall in supply of the other eg cereal crops can be used to make food or bio-fuel

Derived demand - eg labour to make goods

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