Desire and Demand are two terms that are often used in economics, but they have different meanings.
The main difference desire is a feeling of wanting something while demand is the desire for a specific product or service, along with the willingness and ability to pay for it.
Before we move to the differences, let’s understand what are Desire and Demand:
- Desire: Desire is a feeling or inclination that a person has to have or do something. It can be a general feeling of wanting something, without any specific product or service in mind.
- Demand: Demand is a specific desire for a product or service, along with the willingness and ability to pay for it. It is a measure of how many consumers want a certain product or service and at what price they are willing to buy it.
Now, let’s move to Desire vs Demand:
Major differences between Desire and Demand
|Desire is a feeling of wanting something.||Demand is the desire for a specific product or service, along with the willingness and ability to pay for it.|
|Desire can be a general feeling.||Demand is specific to a product or service.|
|Desire can be influenced by emotions.||Demand is influenced by factors such as price, quality and availability.|
|Desire is a subjective concept.||Demand is an objective concept.|
|Desire does not necessarily lead to an actual purchase.||Demand results in actual transactions.|
Note that sometimes, the question might also be asked as “distinguish between Desire and Demand”.
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Desire is a feeling of wanting something, while Demand is the desire for a specific product or service, along with the willingness and ability to pay for it.
Understanding the difference between the two can help you to understand how consumers make purchasing decisions and how businesses can meet the needs of their customers.
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