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. A customer may desire something but he may not be able to fulfill his desire.

Detailed explanation-2: -Demand is simply the quantity of a good or service that consumers are willing and able to buy at a given price in a given time period.

Detailed explanation-3: -Demand refers to the consumer’s desire and willingness to buy a product or service at a given period or over time. Consumers must also have the ability to pay for something they want or need as determined by their disposable income budget. Therefore, demand is a force that affects economic growth and market expansion.

Detailed explanation-4: -Demand refers to the amount (price) consumers are willing and able to purchase goods or services at. Demand is based on needs and wants, and while consumers can differentiate between a need and a want, from an economist’s perspective, they are the same thing. Demand is also based on the ability to pay.

Detailed explanation-5: -i. Individual and Market Demand: ii. Organization and Industry Demand: iii. Autonomous and Derived Demand: iv. Demand for Perishable and Durable Goods: v. Short-term and Long-term Demand: