Opportunity cost
Example - Suppose joy got a job in 2 companies, while company A offers a salary of 50000 per month and B offers a salary of 60000 per month. Joy wants to join the company B which offers a higher salary than company A. To join company B joy has to sacrifice company A, so the opportunity cost of joining company B is (60000-50000 = 10000) Rupees 10000.
Law of demand
Example - We can take an example of Indian railways, we find that after the last price hike in railway tickets the price of tickets for AC first class and 2 tier is higher than the airfare of the same journey, so people prefer air than railways. Increase in railway fair causes decreases in demand.
Law of supply
Example - On Saturdays generally our mess remains close, so all the college students went to the nearby restaurant. we have a total of 160 students who want to have their dinner from that restaurant, as a result, the restaurant has increased the price of the food due to the high demand to maximize the profit.
Diminishing marginal utility
Example - We can give an easy example with Childs, we know when any child saw any toy they ask his / her parents to buy it, and over time the child has a good collection of toys, and day by day the child lost interest over old toys. Law of diminishing utility states that the more and more goods that one consumes in a specific time period, utility from every consumption goes on diminishing.
People respond to incentives
Example - Now a day we found that when people go for a lunch or dinner to any restaurant, people try to avoid on weekends and try to attend on weekdays, because the same food is available in lesser price on weekdays in the same restaurant due to discount offered by the restaurants to increase sales in weekdays, this is an example of people respond to incentives
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