Microeconomics & Macroeconomics in English
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| Demand VS Want | Economics in English | zea tutor |
Demand
is the basic topic of economics. Economics is like a rose and term demand is
its essence. Before we start the topic, we have to differentiate between demand
and want. In this lecture you will see the difference of these two terms.
There
are two basic conditions of demand:
1. Will to purchase
2. Power to purchase
If these
two elements are found we man demand for a good or service.
But if any one of these two factors is missing, it’s not demand, whatever it may be but not demand.
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