what is the difference between want and demand?

Answer 1

III. The Price System in a Free Market Economy
A. Introduction to Variables and Statistical Relationships
1. Variables
a. Dependent Variable--A variable in a relation whose value is determined by the value of the other variable.
b. Independent Variable--A variable in a relation whose value determines the value of the other variable.
2. Statistical Relationships
a. Direct of Positive Relationship--An increase or decrease in the independent variable causes a corresponding increase or decrease in the dependent variable.
↑ A → ↑ B

↑ A → ↑ B
b. Indirect, Inverse, or Negative Relationship--An increase in the independent variable causes a decrease in the dependent variable, or a decrease in the independent variable causes an increase in the dependent variable.
↑ A → ↓ B
↓ A → ↑ B


B. Demand--The desire plus the ability and willingness to pay for a good or service.

1. Difference between want and demand.
a. Want--The desire for a good or service.
b. In order to have demand, all of the following elements must be present:
(1) Desire for the good or service.

(2) Ability to purchase the good or service

(3) Willingness to pay money or give up something of value in exchange for the good or service.
c. Not all wants become demands.
d. Credit greatly expands demand by creating the ability to purchase.
e. Difference between want and demand: the “lamp story.”
f. Aggregate Demand--The total combined demand of individuals, households, businesses, and government for all goods and services, including consumer products and capital goods.

(Etc.... please see link below. I hope this helps. :) )

Answer 2

Want or need is what an individual person /consumer has, whereas demand is derived from the aggregate of these consumers all having the want for a particular commodity or service. When many people want the same thing and the suppy for the same is less then the demand is more and naturally the price of this would also rice. In other words demand for a particular product is generated due to it being wanted by many and the supply of the same is less.

Answer 3

Need Want Demand

Answer 4

LRB330 has the correct answer, though it's a bit long.

Here's an introductory microeconomics answer:

Want is the desire for a good or service.

Demand is a want backed by the ability and willingness to pay.

Wants are not limited to basics, or necessities. They can be completely frivolous. Demand refers to those same wants, but put in the context of prices and how much you would purchase at different prices.

For an intermediate microeconomics answer, add the following:

The strengths of wants are mathematically expressed through utility functions, and graphically through indifference curves. Demands are derived from the utility functions or indifference curves by maximizing utility (or striving to reach the highest indifference curve) subject to a budget constraint.

Answer 5

For the purposes of Economic study. Want is anything you desire, but you may not have the money for it, or just not willing to pay the price it sells for. Want is what you would take if someone gave it to you.

Demand is what you will buy at the given price (demand curve)

Answer 6

The others are wrong!!!Want means you want to have it and at some point its a little like asking. Demand means you cannot choose otherwise.

Answer 7

demand mean need goods which help in daily living
and want is to buy thing for luxry.

cheers

Answer 8

nicely call for incredibly capacity that if the fee of a competent or provider is P then the demanded volume of that sturdy or provider is Q (i.e volume call for) it incredibly is what a call for curve in a graph shows. the 2nd question is somewhat difficult to describe for me in english yet atleast its not something you incredibly could problem approximately.

Answer 9

want means I need & demands mean I have to need.

Answer 10

Want pertains to himself/herself but demand may also pertain to others.