When backed by buying power, wants become ________.
A) social needs
B) demands
C) physical needs
D) self-esteem needs
E) exchanges

Question

Quizplus · Accepted Answer

When a want is backed by buying power, it becomes a demand. A want is simply a desire or aspiration for something, but a demand is a want that is supported by the ability and willingness to pay for it. In other words, when someone has the financial resources and the willingness to spend those resources on a particular want, that want becomes a demand. For example, a person may want a new car, but it only becomes a demand when they have the financial means and the intention to purchase a new car. Therefore, the best choice to complete the sentence is option B) demands.

When Backed by Buying Power, Wants Become ________