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Question
Distinguish between Desire and Demand.
Solution
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Desire
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Demand
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Desire means an urge to have something.
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Demand means a desire which is backed by willingness and ability to pay.
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Desire is a part of demand.
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Demand includes desire.
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Desire is not per unit of time.
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Demand is always per unit of time.
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There is no relation between desire and price.
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There is an inverse relationship between demand and price. |
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Reference of time and price is not necessary to express desire.
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Reference of time and price is necessary to express demand.
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E.g. The desire of a poor person to go on a vacation to Switzerland..
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E.g. The demand of a popular movie actor to buy an “Audi” car.
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| (3) | Ed = ∞ | (c) | Increases in the income of the consumer |
| (4) | Downward Sloping | (d) | Income elasticity of Demand |
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