USA HISTORY

Detailed explanation-1: -“Demand means effective desire or want for a commodity, which is backed by the ability (i.e., money or purchasing power) and willingness to pay for it.” That is one should have the desire and capacity to buy a commodity and should be willing to pay its price to constitute effective demand for that commodity.

Detailed explanation-2: -1. Demand refers to a desire backed by the ability to pay and willingness to pay for a particular commodity. 2. There are several limitations for a demand such as ability to pay, willingness to buy etc.

Detailed explanation-3: -Solution. S.No. Desire simply refers to the mere wish of a person to have a particular commodity. Demand refers to a desire backed by the ability and willingness to pay for a particular commodity.

Detailed explanation-4: -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. In a consumer market examples are usually very clear to identify.

Detailed explanation-5: -Desire refers to the ambition or aspiration of a person. Want is a strong feeling, craving or demand of a person to possess some things. Demand refers to the claim, interest, order or ability to purchase that commodity at a given price.