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Wants and Demands is a topic that is extensively covered in the subject of economics. The most commonly seen thing is that students often get confused between these two aspects. If you have chosen economics as your main academic stream then you will definitely get to study this topic. There are high chances that you may need wants and demands homework help because the topic is really elaborate.
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What is the concept of wants and demands all about?
While studying economics you will understand the topic of wants and demands in a broader perspective. The first and foremost concept is need that actually means the necessities for survival like water, food, shelter etc. Wants are a step ahead of needs, and they are actually the desires of an individual.
Wants are actually those desires of individual in a society without which he can survive but for a higher level of satisfaction he needs those things. Then there is a concept of demand which actually includes two things that is the willingness to buy a product or service and also the ability to buy it. Thus for demanding a particular thing the main aspect which is essential is that one should be able to afford it.
There are high chances that you may get confused in the topic of wants and demands because sometimes they seem a lot similar but actually they are different areas. For better understanding, availing wants and demands homework help is a must.
Clear distinction between wants and demands
There is a clear distinction between wants and demands. Human wants can be unlimited because wanting a particular thing does not require the affordability criteria. Human beings may want so many things beyond their monetary capacity.
One the other hand demand is best described as the willingness to buy something which the pocket actually allows. Means you are having a demand for something that you can actually afford as per your budget. So based on the financial ability an individual has to decide that which wants he can actually fulfill first and which wants can be postponed for a future period of time.
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