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WAEC Marketing 2026 Question 5

Question 5

Markets

The difference between needs and demand is that

  1. A.needs are basic while demand is not
  2. B.needs are backed up with money while demand is not
  3. C.demand is backed up with money while needs are not
  4. D.demand is basic while needs are not
Show the answer and explanation

Answer: C (demand is backed up with money while needs are not)

Explanation

Demand is a want backed by money; a need is just a basic requirement.