ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Wants turn to be Demands when a customer is willing and having the ability to buy that needs or wants. The basic difference between wants and demands is desire.

Detailed explanation-2: -In short, needs are things that satisfy the basic requirement. Wants are requests directed to specific types of items. Demands are requests for specific products that the buyer is willing to and able to pay for.

Detailed explanation-3: -The substitution effect of a price change describes what happens to the shift in demand for a good when its price changes. In what way is consumer demand different from consumer wants? Demand takes into account the ability to pay.

Detailed explanation-4: -consumer demand. noun [ U or C ] ECONOMICS. demand for goods and services that comes from individual people rather than from companies: consumer demand for sth rises/falls Consumer demand for mobile video continues to rise.

Detailed explanation-5: -Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price. Demand is based on needs and wants-a consumer may be able to differentiate between a need and a want, but from an economist’s perspective they are the same thing.