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Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price. Demand is based on needs and wantsa consumer may be able to differentiate between a need and a want, but from an economists perspective, they are the same thing. Demand is also based on ability to pay. This aspect of What Is Demand Microeconomics Lumen Learning plays a vital role in practical applications.
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