The world's demand, desire and want are often used interchangeably to express what an individual needs and what he would like to acquire. However, in economics, the term demand has a specific meaning and content. It refers to the quantity of a commodity or service which an individual buyer or a household is willing to purchase at a given period of time. As such, demand is different from a mere desire. Human wants are unlimited and therefore, desires are many. But only that desire which is backed – up by the capacity to pay price for a commodity and the willingness to buy it, is termed as demand. In other words, the desire becomes effective only when the consumer has the means to buy a particular commodity at the given price. Hence, the demand is always with reference to a particular price as well as to a given time period, may be a day, a week or a month. It is obvious that consumer’s ability to pay and willingness to buy a commodity will be different at different price levels and over different time period. Therefore, in concrete terms, the demand for a commodity or a service, is the quantity that will be bought by the consumers at a given price and during a given period of time.SUBMIT ASSIGNMENT NOW!