Human wants that are backed by buying power is known asQuestion 9Answera.Demandb.Marketc.Needd.Want

Break Down the Problem

1. Identify the key terms in the question: "wants," "buying power," and potential answers.
2. Evaluate the definitions of each potential answer to determine which best fits the description given in the question.

Relevant Concepts

1. Demand: The desire for a specific good or service, coupled with the ability and willingness to pay for it.
2. Market: A system that allows buyers and sellers to exchange goods and services.
3. Need: A basic requirement for human survival.
4. Want: A desire for a particular good or service that is not essential for survival.

Analysis and Detail

1. The phrase “wants that are backed by buying power” implies that the individual not only desires a product but also has the financial means to acquire it.
2. This definition aligns closely with the concept of demand. Demand signifies that an individual is willing to purchase a good or service at a specific price level.

Verify and Summarize

1. The only option that includes both the desire for a product and the purchasing power to acquire it is demand. The other options (market, need, want) do not encompass this financial aspect sufficiently.

Final Answer

a. Demand