6 Questions
What determines whether a desire becomes a want?
Having the ability and willingness to satisfy it
What is a characteristic of demand that is not a characteristic of want?
Being defined with reference to price
What is the main difference between desire and want?
Desire is a mere wish, while want is backed by ability and willingness
How does the quantity demanded of a commodity change when the price increases?
It decreases
Why is demand always expressed with reference to time?
Because it is a characteristic of demand
What is the relationship between desire, want, and demand?
Desire is different from want, which is different from demand
Learn the difference between desire, want, and demand in economics. Understand how these terms are used in context of consumer behavior and commodity prices.
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