The difference between demand and wants is in the
...The difference between demand and wants is in the
Desire for the commodity
Significance of the commodity
Ability to pay for the commodity
Economic value of the commodity
Correct answer is C
Want is the desire to have something or to buy a product. Demands on the other hand are requests for specific products that the buyer is willing to and able to pay for.
So, the key difference between wants and demand is the ability of the consumer to pay for the product. In other words, if a customer is willing and able to buy a product, that is demand while wishing to buy a product is simply a want.
What would be likely to increase inflation in any economy? ...
The reduction of high fertility rate is a measure in population control designed to make the ...
An economic problem arises when? ...
Who controls a limited liability company? ...
Economics problems arise in all societies because ...
To control inflation, the monetary authorities of a country can ...
The term demand for money means ...
The law of diminishing marginal utility explains why ...
What fundamentally determines how much a consumer spends in a producer's shop? ...
The demand for a commodity that serves two or more purposes is ...