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_____ are wants for specific products that are backed up by ability and willingness to buy them.

  • Demand are wants for specific products that are backed up by the ability and willingness to buy them.
  • Demand refers to the quantity of a product or service that consumers are willing and able to purchase at a given price.
  • For demand to exist, there must be both a want for a product and the ability and willingness to buy it.
  • Understanding demand is important in marketing to inform product development, pricing, and distribution decisions, helping companies maximize profitability.
  • For demand to exist, there must be both a want for a specific product and the ability and willingness to buy it.
  • The want for a product represents the consumer's desire for the product, while the ability and willingness to buy it is based on factors such as income, access to credit, and overall financial stability.