The difference between demand and wants is in the

The difference between demand and wants is in the ability to pay for the commodity. Demand refers to the willingness and ability of consumers to buy a certain product or service at a given price. It is the quantity of a product or service that consumers are willing and able to buy at a specific price point. Wants, on the other hand, refer to the desire for a product or service. Consumers may want a wide range of products and services, but not all of these wants translate into actual demand because they may not have the means to pay for them. So, the difference between demand and wants lies in the ability to pay for the commodity. If a consumer has the means to pay for a product or service, their want becomes demand. If they do not have the means, their want remains just that, a want.