WAEC Economics 2017 Objective — Question 7
Question 7 of 50 from the West African Examinations Council (WAEC) Economics 2017 Objective paper, with the correct answer and a full explanation.
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The difference between demand and wants is in the
- A. A. desire for the commodity
- B. B. significance of the commodity
- C. C. ability to pay for the commodityCorrect
- D. D. economic value of the commodity
Explanation
Wants are desired which is not backed with ability to pay for the goods so wanted. Meanwhile, demand is want backed with the ability to pay for the goods.
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