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Question
Distinguish between 'Desire and Demand'.
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Solution
Desire:
Desire is simply a wish to possess a commodity, irrespective of the fact whether one can buy it or not, for example, one may desire to own a Ferrari car without having the ability to pay.
Demand:
Demand for a good is a combination of desire, ability to pay and willingness to pay. Demand is an economic concept and is one of the major market forces.
Desire is simply a wish to possess a commodity, irrespective of the fact whether one can buy it or not, for example, one may desire to own a Ferrari car without having the ability to pay.
Demand:
Demand for a good is a combination of desire, ability to pay and willingness to pay. Demand is an economic concept and is one of the major market forces.
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