What is demand?,how does it differ with needs or wants?

Demand refers to the quantity of a product or service that consumers are willing and able to purchase at a given price and time. It represents the desire and ability to buy a particular good or service.

Needs are the basic necessities required for survival, such as food, water, shelter, and clothing. They are essential for human existence and are considered universal. Wants, on the other hand, are desires or preferences that are not essential for survival but are driven by personal tastes, preferences, or cultural influences.

The key difference between demand and needs/wants is that demand specifically refers to the willingness and ability to pay for a product or service. Needs and wants, on the other hand, are broader concepts that encompass a wider range of desires and preferences, regardless of the ability to pay for them. Demand is a more specific and measurable concept, as it involves the actual purchasing power of consumers.