In what way is consumer demand different from consumer wants?

Question

Quizplus · Accepted Answer

Consumer demand takes into account the ability to pay, while consumer wants are simply the desires or preferences of the individual. Demand refers to the amount of a specific good or service that consumers are willing and able to purchase at a given price, taking into account their ability to pay. Therefore, demand is a subset of consumer wants. A and B are incorrect because demand is not limited to necessities or luxuries. E is incorrect because consumer wants may include both necessities and luxuries.

In What Way Is Consumer Demand Different from Consumer Wants