8 Which one of the following statements is correct a) wants, needs and dernand are escentially simply different terms that havethe came mearing b) Wants and needs are essentially the same but differ from demand c) Needs and demand amount to the same thing d) Dem and differs from wants and needs

1. In economics, a **need** refers to something essential for survival (e.g., food and shelter) while a **want** is a desire for something that is not necessary for survival. 2. **Demand** is characterized as the desire backed by the ability to pay for a good or service. This means that while not all wants or needs become demand, only those for which a consumer is willing and able to pay are considered demand. 3. Comparing the statements: - Option a) is incorrect because it states that wants, needs, and demand essentially have the same meaning. - Option b) is incorrect because wants and needs are not essentially the same, even though both differ from demand. - Option c) is incorrect because needs and demand are not the same; demand requires purchasing power. - Option d) correctly states that demand differs from wants and needs, as demand involves both the desire and the ability to pay. Thus, the correct statement is: \( \textbf{d) Demand differs from wants and needs.} \)