EXAMPLE : 9
CONCEPT : MARGINAL RATE OF SUBSTITUTION
JUSTIFICATION : Here our IT industry providing services at very lower cost when we compare with other countries, So the consumers are finding the same utility at lower price so they are substituting others with this services.
EXAMPLE : 6
CONCEPT : LAW OF DEMAND
JUSTIFICATION : Due to demand there is a change in price if the price decreases demand increases, So here decreases in prices increases the price.
EXAMPLE : 5
CONCEPT : TASTES AND PREFERENCES
JUSTIFICATION : We always want new things and we feel bored with the daily things, We seeing these religious places daily so hill places will give a new feeling to the tourists.
EXAMPLE : 4
CONCEPT : MARGINAL RATE OF TECHNICAL SUBSTITUTION
JUSTIFICATION : Here by introducing one machine (computer) the speed and efficiency will increases so it will results in higher output
ex: If you do accounts in tally by posting journal entries, the software will calculate the complete adjustments and directly give the final results which saves the time.
EXAMPLE : 3
CONCEPT : SUPPLY OF DEMAND
JUSTIFICATION : In starting they kept prices low because the demand was low then these prices will attract people, after they increases the prices due to increase in demand. So these curves were directly proportional to each other.
CONCEPT : MARGINAL RATE OF SUBSTITUTION
JUSTIFICATION : Here our IT industry providing services at very lower cost when we compare with other countries, So the consumers are finding the same utility at lower price so they are substituting others with this services.
EXAMPLE : 6
CONCEPT : LAW OF DEMAND
JUSTIFICATION : Due to demand there is a change in price if the price decreases demand increases, So here decreases in prices increases the price.
EXAMPLE : 5
CONCEPT : TASTES AND PREFERENCES
JUSTIFICATION : We always want new things and we feel bored with the daily things, We seeing these religious places daily so hill places will give a new feeling to the tourists.
EXAMPLE : 4
CONCEPT : MARGINAL RATE OF TECHNICAL SUBSTITUTION
JUSTIFICATION : Here by introducing one machine (computer) the speed and efficiency will increases so it will results in higher output
ex: If you do accounts in tally by posting journal entries, the software will calculate the complete adjustments and directly give the final results which saves the time.
EXAMPLE : 3
CONCEPT : SUPPLY OF DEMAND
JUSTIFICATION : In starting they kept prices low because the demand was low then these prices will attract people, after they increases the prices due to increase in demand. So these curves were directly proportional to each other.
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