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The Difference Between Demand And Wants Is In The ________? - Erudites Academy

The difference between demand and wants is in the ________?

by | Nov 6 | Economics WAEC | 0 comments

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: Option A

A. desire for the commodity

Explanation

So, the key difference between wants and demand is desire. Consequently, for people, who can afford a desirable product are transforming their wants into demands. In other words, if a customer is willing and able to buy a need or a want, it means that they have a demand for that need or want.

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