Give economic term : A desire which is backed by willingness to purchase and ability to pay.
Q.1 (A) (i) Give economic term : A desire which is backed by willingness to purchase and ability to pay.
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Answer: Demand
A mere desire is not demand. Demand is a desire backed by willingness to purchase and ability (purchasing power) to pay, at a given price and time.
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· 28 Oct 2026
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