WAEC - Economics (2017 - No. 7)
The difference between demand and wants is in the
desire for the commodity
significance of the commodity
ability to pay for the commodity
economic value of the commodity
Uitleg
Want is the desire to have something or to buy a product. Demands on the other hand are requests for specific products that the buyer is willing to and able to pay for.
So, the key difference between wants and demand is the ability of the consumer to pay for the product. In other words, if a customer is willing and able to buy a product, that is demand while wishing to buy a product is simply a want.