1. OPPORTUNITY COST :
Choosing the best alternative and sacrificing the another alternative to get more benefits from it, called 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.
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.
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.
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.
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.
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.
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.
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 satisy.
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