Q. The need or want for a particular product becomes a demand, when __?
Answer: It is backed by buying power
Notes: Demand for a product occurs when it is backed by buying power, meaning consumers have the financial means to purchase it. This concept is rooted in economics, where demand is defined as the quantity of a good or service that consumers are willing and able to buy at various prices. The law of demand states that as prices decrease, demand typically increases, provided that other factors remain constant. This relationship is crucial for businesses and economists in understanding market dynamics.