Question

The terms demand and wants are used interchangeably in economics.

Answer 1

No, because the demand is used for the majority of peoples but the wants is the one person needs.

Answer 2

1. "The terms demand and wants are used interchangeably in economics." is a false statement.
2. A want is a desire whereas demand is an effective desire.
3. We can want anything at any point of time but it is our capacity to pay for it at a given price which makes it a demand.
4. For e.g. a person maybe willing to buy a BMW car but if he doesn't have money to purchase it then it is only a want. But if he has money to purchase it then it is called demand.