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प्रश्न
State with reason whether you agree or disagree with the following statement:
All desires are demand.
थोडक्यात उत्तर
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उत्तर
I disagree with the given statement.
Reason:
- In ordinary language, demand means a desire.
- Desire means an urge to have something.
- In Economics, demand means a desire which is backed by willingness and ability to pay.
- E.g.: if a person has the desire to go on a vacation to Mauritius, but does not have the money to go there, then it will simply be a desire and not a demand in economic sense.
- Thus, demand is an effective desire.
Demand = Desire + Ability to pay + Willingness to spend
Therefore, all desires are not demand.
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