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Question
What is Desire?
Long Answer
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Solution
“Desire” refers to a person's wish or longing to obtain a good or service. For example, a person may desire to purchase an automobile, but if they do not have the financial means to afford it (such as having less than ₹100), this desire remains unmet. Desire, in economic terms, is simply the wish or want for something, without the ability to purchase it or the willingness to pay for it.
Important distinction: Desire is not the same as demand. For a desire to become demand, it must be supported by the ability and willingness to pay for the good or service.
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