Question on: WAEC Economics - 2017
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
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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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