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Sagot :
Answer:
related to the demand for the product or service labor is producing.
Explanation:
Derived demand is demand for a good or service that is dependent on the demand for another good..
Demand for labour is an example of derived demand.
Labour is needed to produce good and services. If no good is been demanded, firms would not hire labour.
For example, a bakery that produces bread hires labour. Suddenly, there is a rumour that bread is not healthy, so people stop buying bread. As a result, the bakery closed down and did not demand any labour.
In another scenario, it is rumoured that bread increases IQ. As a result, the demand for bread soars. The bakery increases production and hires more labour.
In both scenarios, the demand for labour was dependent on the demand for bread
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