ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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People sometimes can’t buy what they demand
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people sometimes demand what they can’t buy
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people should save their money and not buy new cars
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wants and demands are very different
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Detailed explanation-1: -For example, if a consumer is hungry and buys a slice of pizza, the first slice will have the greatest benefit or utility. With each additional slice, the consumer becomes more satisfied, and utility declines. In theory, the first slice might fetch a higher price from the consumer.
Detailed explanation-2: -A need is something thought to be a necessity or essential items required for life. Examples include food, water, and shelter. A want is something unnecessary but desired or items which increase the quality of living. Examples include a car stereo, CD’s, car, and designer clothes.
Detailed explanation-3: -Demand is an economic concept that relates to a consumer’s desire to purchase goods and services and willingness to pay a specific price for them. An increase in the price of a good or service tends to decrease the quantity demanded.
Detailed explanation-4: -Economic wants are those goods and services that can be bought. Economic wants are classified as: Non-Economic wants are those which do not require a monetary payment. This could be love, affection, etc.