The desire for specific products which are backed by the ability to pay is
Answer Details
Demand refers to the willingness and ability of a consumer to purchase a specific product. In other words, it is the desire for a particular product, backed by the ability to pay for it. A need, on the other hand, is a basic requirement for survival, such as food, shelter, and clothing. An exchange is a process that occurs when two parties agree to give up something of value in order to receive something else of value. A transaction is a specific type of exchange that involves the transfer of money or goods between two parties.