Question

In economics, desire backed by purchasing power is known as

Utility
Demand
Consumption
Scarcity

Answer 1

Answer:

In economics, desire backed by purchasing power is known as. Utility. Demand.

Answer 2

In economics, desire backed by purchasing power is known as demand.

What are the characteristics of demand?

• The demand for any product depends upon the quantities of products purchased in the market
• When the population increases, then the demand for the products also gets increases
• The demand for the product is related to the quantity of a product and the ability of the customers to buy that product
• If there is a large number of customers in the market then it affects the demand for the products