The difference between demand and wants is in the
ECONOMICS
WAEC 2017
The difference between demand and wants is in the
- A. desire for the commodity
- B. significance of the commodity
- C. ability to pay for the commodity
- D. economic value of the commodity
Correct Answer: C. ability to pay for the commodity
Explanation
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.
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