the difference between demand and wants is in t... - WAEC Economics 2017 Question
the difference between demand and wants is in the
A
desire for the commodity
B
significance of the commodity
C
ability to pay for the commodity
D
economic value of the commodity
correct option: a
So, the key difference between wants and demand is desire. Consequently, forpeople, who can afford a desirable product are transforming their wants intodemands. 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 a want.
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