Question

How does demand differ from want?

Answer 1

Aspect	Want	Demand
Definition	A desire or wish for a particular good or service, without considering the ability to purchase.	The willingness and ability to purchase a good or service at a given price.
Nature	Unlimited and unconstrained by economic factors.	Limited by income, price, and ability to pay.
Economic Relevance	A broader concept that includes any desire, regardless of affordability.	A specific economic concept that represents wants backed by purchasing power.
Requirement of Purchasing Power	Does not require purchasing power; a person can want something without being able to buy it.	Requires purchasing power; the ability to pay is essential for demand.
Impact on the Market	Does not directly influence market prices or production, as it is not tied to actual transactions.	Directly influences market prices, production, and resource allocation.
Example	Wanting a luxury car or a vacation without considering if you can afford it.	Desiring a smartphone and having the money and willingness to buy it at the current price.