ABOUT ECONOMICS CONCEPT

1. OPPORTUNITY COST :

                            Choosing the best alternative and sacrificing the another alternative to get more benefits from it, called opportunity cost

FOR EXAMPLE :

                        1. One day i was in hotel, my friend was giving treat. So, he offer me to order for food and i was looking for fish cury and chicken kabab. But i gone for fish cury.

                        2. When i join the gym trainer given me suggestion to take supplement and i have two choices of supplement i.e; endura mass and muscle blaze . But i choose the muscle blaze.

2. INFERIOR GOOD :

                             When a person income increases , then their is a change in a goods demanded and customer moves towards new products  but at situation the demand of old or existing goods decreases. The old goods is known as inferior good.

  

FOR EXAMPLE :

                   1. I always use to eat 10 rupees of icecream but one day dad give me 20 rupees and i went to buy 20 rupees of icecream and consumed it.

                   2. One day, my friend ask me 9000 thousand rupee to purchase TV but i gave him 12000 thousand ruppes and he buys LED.

3. INDIFFERENCE CURVE :

                     Indifference curve shows the no difference of satisfaction which we get from two products.

FOR EXAMPLE :

                        1. One day my father ask me to go market and buy apple  2kg but when i went to market i buy 1kg apple and 1 kg orange because both good price was same and same type of satisfaction will be get from the apple and orange.

  

                        2. One day i was playing cricket, suddenly i get a chance to batting and bowling also in which i was satiesfied . If i could get only to bat or bowl then i could not to be satisfy.

4. BUDGET LINE :

                            A customer when buys a products from the entire income money. Then the budget line forms.

FOR EXAMPLE :1. one day i was having 5000 rupees and i went to market to buy jeans and shirt and i spent entire money into jeans and shirt.

                             2. On my birthday , i was with my friend and my friends ask me to to give party and i was having 2000 rupees , which i spent on giving party to my friends.

5. UTILITY :

                     The total satisfaction in which consumer derived from the product called UTILITY.

              Utility is measured in terms of UTILS.

        FOR EXAMPLE :

          1. One day when i was in class i am felling very hungry and decided to eat samosa, then i went to hotel and i ate 5 samosa, then i get satiesfied.

         2. One day my mom was cooking mutton and just i came to home after playing cricket , then i ate rice and mutton until i get satiesfied.