There is a big difference between demand and want. Demand can’t be just want. The want, which are backed with purchasing power are called demand. Economics has a different definition about demand. The ability to pay is called demand in economics. Desire also can’t be a demand. For example – a beggar desires to purchase a car, can’t be demand in the word of economics.Law of Demand:There is a simple rule of demand, as price increases the demand decreases and as price decreases demand increases. But only price is not factor which affects the demand or supply.Demand Schedule:Quantity DemandExceptions of Demand Law:Giffens Goods – Giffens...