After saving a portion of several paychecks, Greg Williams now has the buying power to purchase the computer system he has wanted for the last six months. Greg's want has become a(n) ________.
A) need
B) necessity
C) demand
D) exchange
E) transaction

Question

Quizplus · Accepted Answer

A want becomes a demand when backed by a willingness and ability to pay. In this case, Greg has saved money and can now purchase the computer system he wants, making it a demand. It is not a need or necessity as it is not essential for his survival, and it is not an exchange or transaction as those refer to the actual transfer or trade of goods or services.

After Saving a Portion of Several Paychecks, Greg Williams Now