describe the difference between the desire for a good and the demand for a good as...

describe the difference between the desire for a good and the demand for a good as they are understood by economic analysis

Expert Solution

Demand: Request for a good is a combination of desire, payment willingness, and payment will. Demand is an economic term, and one of the most powerful market powers.

Desire: Desire is simply a desire to own a product, regardless of whether or not you can afford it, for example, you may want to own a Ferrari car without the ability to pay.

Let's take a begger's example, he may want to own a car or a bungalow, but his ability to buy the same thing is zero.

Similarly, a miser may be willing to own a brand new BMW car and have the resources to purchase one, but when it comes to the prevailing market price, he may not be able to part with such an enormous amount, because for a suffering, pure desire and purchasing resources are not economic demand. For a doctor who wishes or wants to purchase a car, Demand in economic sense, along with his capacity and willingness to pay, is. While pure desire for the begger is not demand. Mere appetite and capacity for suffering does not warrant it.

Rahul Sunny answered 3 months ago

A. Explain the difference between the desire for a good and the economic demand for a...

A. Explain the difference between the desire for a good and the economic demand for a good. B. Hot dogs and hot dog buns are complementary goods. If the price of hot dogs falls, explain what is likely to happen to the demand for hot dog buns. Why is this the case? C. Carrot cake is a substitute for spice cake. If the price of spice cake falls, explain what is likely to happen to the demand for carrot cake....

In a demand analysis, "quantity demanded" refers to the amount of a good people desire the...

In a demand analysis, "quantity demanded" refers to the amount of a good people desire the amount of a good people are able and willing to buy during a specific time period and at a given price the amount of a good people are able and willing to buy at all possible prices the minimum amount of a good that people are willing to buy during a specific time period and at a given price The price of automobiles falls....

Describe the difference between demand and quantity demanded? What is the difference between supply and quantity...

Describe the difference between demand and quantity demanded? What is the difference between supply and quantity supplied ? Describe the equilibrium.

Explain the demand curve, using an example of a particular good or service. Describe the difference...

Explain the demand curve, using an example of a particular good or service. Describe the difference between a change in the quantity demanded--movement along the curve--and change in the overall demand--shifting of the curve itself.

What is the difference between a want and a desire? Think about your own feelings and...

What is the difference between a want and a desire? Think about your own feelings and try to describe the differences.

1A) Describe the difference between the market demand curve and each firm's individual demand curve in...

1A) Describe the difference between the market demand curve and each firm's individual demand curve in perfect competition. 1B ) For a perfectly competitive firm, the marginal cost curve is the same thing as that firm’s supply curve starting from the minimum point on the average variable cost curve because at every possible price; by finding the intersection of MR (where, MR = Price = Demand) & MC we find the quantity that will be produced. The description of how...

The Law of Demand states the relationship between the demand for a good and that good's...

The Law of Demand states the relationship between the demand for a good and that good's price. Which of the following statements summarize this relationship? Choose one or more: A. Demand curves for Giffen goods could be upward sloping or downward sloping. B. Demand curves for normal goods are always upward sloping. C. Demand curves for normal goods are always downward sloping. D. Demand curves for inferior goods could be upward sloping or downward sloping. E. Demand curves for Giffen...

What is the Law of Demand? Explain the difference between a change in demand and a...

What is the Law of Demand? Explain the difference between a change in demand and a change in the quantity demanded. Provide an example from the gasoline market. Other than price, what are the determinants of supply? Provide three examples from the consumer market for gasoline. What does market equilibrium mean? Provide two examples of how market equilibrium in the consumer market for gasoline market could change.

Describe the difference between inpatient and outpatient facilities. Describe the difference between public, voluntary, and private...

Describe the difference between inpatient and outpatient facilities. Describe the difference between public, voluntary, and private hospitals. Find the hospital closest to your home, and define what type of hospital it is. Minimum 400 words please Intext citations and reference please Ref: An Introduction to Community Health. 8th ed. McKenzie, J.F., Pinger, R.P., Kotecki, J.E. Jones & Bartlett Learning. 2015 ISBN: 978-1284036596

What is a difference between a good and bad mission statement?

Question