Using the auto industry as an example, demonstrate the concept of derived demand.?
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where demand for one good or service occurs as a result of demand for another good or service is called derived demand.
1)now u can c if the demand for automobiles increases it will lead to increased demand for steel. so in a sense steel is a means to make cars, which makes sense right.
now this is easy as you understands the concept of derived demand you know that demand for all these products will increase if demand for automobile increases and Vice-versa.