Five concepts of exams applied in daily life

Opportunity cost:

After completion of B.Tech i got an call letter from software company with good package.I considered the the cost of two years PGDM course by calculating total course fees and hostel fees.In both options i considered PGDM course and alternative as job.
here i choose one path and loosen alternative is opportunity cost.An opportunity cost is choosing best alternative.

Utility:

I am getting more satisfaction in phoenix mall than forem mall,it is called utility.satisfying the human needs is called utility,here you are getting more benefits from phoenix mall rather than forem mall.

Law of Demand:

when there is decrease in price of  PGDM course in IBA there will be increase in more number of students so that more seats will be filled.

consumer tastes and preferences:

identifying the customer need and satisfying them,for example swiggy they just found the customer need that an food delivery option with more discounts.the customers are more satisfied with their services.

Law of supply:

In kartikamasa season everyone eat vegetarian food only so,there is increase in price of vegetables as there is increase in supply similarly the non veg items price decreases as supply decreases.