Law of demand,law of supply,opportunity cost,peoples trade off,utility

LAW OF DEMAND:
It means that when a product price increases demand also increases and in visa versa it will be based on the customer.
Eg1: when we dairy milk chocolate price will be in high because demand also more.
Eg2:when gold price increases when there is increase in demand.

LAW OF SUPPLY:
It means that when product supply increases product price also increases based on market conditions.
Eg1:we can see some times increases in petrol price and also supply of the petrol also.
Eg2:we can see rice price also increases and supply of the rice bags is also increases.

OPPORTUNITY COST:
When you sacrifice something to get something then their which matters is opportunity cost.
Eg1: when there is a tea or coffee so when prices of tea are high then we prefer coffee over tea and the prices of coffee or high then we prefer tea or coffee. For that demand for tea and coffee will automatically decide upon the prices.
Eg2: if we compare Nano or Maruti car, Maruti car price increases then we will choose Nano car so that's why we will sacrifice Maruti to buy Nano car.

PEOPLES TRADE OFF:
It is generally decided on consumer is willing to what to buy and what not to buy  therefore it depends on cost benefit analysis.
Eg1: when we compare Nerolac Paints and Berger Paints then we will observe the better quality and the less price that company only we will take.
Eg2: last last week I have plan to go to movie but I didn't go to movie because I got opportunity to go for workshop in IIM Bangalore.

UTILITY:
It meant that the ability to satisfy the consumer needs by providing goods and services.
Eg1: when I sing the song I will get satisfaction By grabbing the audience response.
Eg2: when I eat sweet I will get satisfaction.