What are the difference between Desire and Demand? |
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| Ans : The difference between Desire and Demand are explained in the table below:
Basis
Desire
Demand
i. Nature Desire is a wish to have something. Demand is a desire backed by ability and willingness to pay.
ii. Resources Resources are not required to have desire. Resources are required to have demand.
iii. Limit There is no limit of human desire. Demand is limited by consumers income, price of commodity, time etc.
iv. Place & time Desire may take place anywhere at any time. Demand takes place only at particular place and time.
v. Example If a beggar wants to buy a car it is his desire. If a rich businessman wants to buy a car it is his demand.
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