What is defined as the desire to own something combined with the ability to pay for it?

The term that describes the desire to own something combined with the ability to pay for it is demand. Demand reflects not just a want for a good or service but also the consumer's purchasing power, which means that individuals must have the financial resources available to fulfill their desires. This concept is integral to understanding how economies function since it influences production, pricing, and resource allocation.

Supply, in contrast, refers to the quantity of a product that manufacturers are willing and able to offer for sale at different prices. Market equilibrium relates to the point where the supply of goods matches demand, resulting in a stable market price. Scarcity denotes the limited nature of resources compared to the unlimited wants and needs of people. While each of these terms plays a significant role in economics, it is demand that specifically encapsulates both the desire for a product and the means to acquire it.