Answer to Question #317579 in Microeconomics for amcee

Question

in economic theory a clear distinction is made between wants and demands .in the light of this statement provide your own example to explain how demands differ from wants

Answer 1

Answer.

A demand is used in reference to specific products which the buyer is mostly willing to buy and pay for.Examples of demands include food and clothing. On the other hand, wants are requests directed to specific things Example of a want is a car.