Different people might have different perspective on the application of the Economic Concept.
Law of Demand and Supply-
With increase in price, demand will decrease and simultaneously vice-versa.
Example- If price of apple goes high, then the demand goes down and vice-versa.
Marginal Utility-
It is the additional satisfaction that a consumer gains by consuming an extra unit of goods or services.
Example-I had a cravings of ice creams, I am not satisfied till I consume 3. As I keep on gaining satisfaction till I can. Which in turn explains the marginal utility.
Utility-
It is the satisfaction that we get after consuming a product, goods or services.
Example-From the very beginning I was fascinated by the fragrance of various perfume. Last week I bought yardley body spray which had such a fragrance that shook me off like i never smelt had before.
Law of diminishing marginal utility-
As the consumer achieves the utmost satisfaction, thereafter even consuming an unit of the goods or services, the satisfaction level gets down.
Example- After having 5 sweets at a time, a consumer reaches its highest satisfaction. So if the consumer wants to have a more no. of sweet, his satisfaction level will decrease.
Marginal rate of substitution-
When a consumer gives up some amount of products, goods or services in exchange of another product to maintain the same level of satisfaction.
Example-
If price of Britannia biscuit increases then we will have the option to shift to Bisk farm and consume that product.
In this we have the substitute of Britannia that is bisk farm.
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