Concept:Demand is a want supported by the buyer's purchasing power, whereas a want is only a desire.
Explanation:A want is simply the wish to own or use a commodity.
It exists even when the person cannot afford the commodity or has no intention to buy it.
Demand, however, has a stricter meaning in economics.
Demand is the quantity of a commodity that a consumer is willing and able to purchase at a given price and time.
Thus, mere longing for a product is a want, but it becomes demand only when the consumer has the money to pay for it.
If a person desires an item but cannot pay, that remains only a want.
If the person is both willing and financially capable to buy it, that is demand.
Therefore, the key point of difference is not desire, value, or significance; it is the consumer's ability to pay.
Answer:C. ability to pay for the commodity