What does induced demand mean?
Definitions for induced demand
in·duced de·mand
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Wikipedia
Induced demand
Induced demand – related to latent demand and generated demand – is the phenomenon that after supply increases, and there is sufficient demand, price declines and more of a good is consumed. This is entirely consistent with the economic theory of supply and demand; however, this idea has become important in the debate over the expansion of transportation systems, and is often used as an argument against increasing roadway traffic capacity as a cure for congestion. This phenomenon, more correctly called "induced traffic" or consumption of road capacity, may be a contributing factor to urban sprawl. City planner Jeff Speck has called induced demand "the great intellectual black hole in city planning, the one professional certainty that everyone thoughtful seems to acknowledge, yet almost no one is willing to act upon." The intellectual black hole may exist because too little attention is given to economic theory and of imprecision in terminology. The inverse effect, or reduced demand, is also observed (see § Reduced demand).
Numerology
Chaldean Numerology
The numerical value of induced demand in Chaldean Numerology is: 6
Pythagorean Numerology
The numerical value of induced demand in Pythagorean Numerology is: 2
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"induced demand." Definitions.net. STANDS4 LLC, 2024. Web. 28 Apr. 2024. <https://www.definitions.net/definition/induced+demand>.
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