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Demand VS Want | Economics in English | Economics lectures | zea tutor

 Microeconomics & Macroeconomics in English   

Demand VS Want | Economics in English | zea tutor
Demand VS Want | Economics in English | zea tutor

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Demand VS Want

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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