Chapter 20ish Demand vs Wants

Chapter 20ish Demand vs Wants - Demand vs Wants We live in...

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Demand vs Wants q Wants are unlimited q Demand is limited by ability to pay (income) q What is the source of demand; that is, where does our ability to pay ultimately come from? q We live in a world of scarcity- just because we want something, does that mean we should buy it?
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Confusion between Wants and Demand q Many economists suggest that events like earthquakes, wars, or even building pyramids create demand- that they can be the source of demand or wealth. q Facetiously dubbed as the “Blessings of Destruction!” q Read this:
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Chapter 20ish Demand vs Wants - Demand vs Wants We live in...

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