Economics: Understanding Desire, Want, and Demand
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Economics: Understanding Desire, Want, and Demand

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Questions and Answers

What determines whether a desire becomes a want?

  • Having a strong passion for the commodity
  • Winning a lottery
  • Having a high income
  • Having the ability and willingness to satisfy it (correct)

    • What is a characteristic of demand that is not a characteristic of want?

  • Being backed by the ability and willingness to satisfy it
  • Being defined with reference to price (correct)
  • Being a long-term phenomenon
  • Being a mere wish to have a commodity

    • What is the main difference between desire and want?

  • Desire is a mere wish, while want is backed by ability and willingness (correct)
  • Desire is related to price, while want is not
  • Want is a mere wish, while desire is backed by ability and willingness
  • Want is related to price, while desire is not

    • How does the quantity demanded of a commodity change when the price increases?

    <p>It decreases</p> Signup and view all the answers

    Why is demand always expressed with reference to time?

    <p>Because it is a characteristic of demand</p> Signup and view all the answers

    What is the relationship between desire, want, and demand?

    <p>Desire is different from want, which is different from demand</p> Signup and view all the answers

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