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

Question

Quizplus · Accepted Answer

When wants are backed by purchasing power, they become demands. Demand refers to the willingness and ability of a consumer to buy a product at a certain price and quantity. Purchasing power is the ability to pay for a product or service, and when a want is backed by this ability, it becomes a demand. Therefore, option B is the best choice as it directly links wants to demands when backed by purchasing power.

When Backed by Purchasing Power,wants Become ________