Distinguish the following terms: (c) Want and demand
Answers
Answer:
Want : to have a desire or a wish for something.
Demand :
a strong request or order that must be obeyed.
Answer:
Demands- Demands are wants for specific products. They are backed by willingness and ability to buying power. Wants backed by money and willingness to spend the money become demand.
For example, You need BMW car and you have the buying power, is your demand.
Wants – Wants are the satisfiers of needs. Specific products has the ability of satisfy specific wants.
Wants are a form of needs and which are greatly dependent on the human needs. Wants are unlimited. Customers want high value and satisfaction for money.
For example, you need to write, for this your choice will be the best pen. For write is your needs but the best brand of pen is your wants.