Difference between need and demand.(10marks)
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In short, needs are things that satisfy the basic requirement. Wants are requests directed to specific types of items. Demands are requests for specific products that the buyer is willing to and able to pay for. In a consumer market examples are usually very clear to identify.
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Need - necessity. Something that is required to survive or to sustain. For example, food, water, shelter etc.
Demand - willing and able to buy. Things that you want to buy/consume and your pocket allows its consumption, i.e you can afford it, thus you demand that thing. For example, I have Rs. 1000 in my pocket and I want to see a movie whose ticket is worth Rs 500, since I want it and I can afford it, I demand a movie ticket.
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