LAW OF
DEMAND
EXAMPLE-Once a to buy food market buy oranges.
before I use to buy oranges at 40 pr kg after some days oranges price increase to
60 pr kg and my reducing buying oranges less quantity. This is example of law of demand.
OPPORTUNITY
COST
EXAMPLE-One day I went to a shopping mall for
buy pair jeans, but during my search of a pair jeans that’s time I seen a very
nice shirt and I sacrificed shirt for pant. This is example of Opportunity cost.
LAW OF SUPPLY
EXAMPLE-When I was studying in my school,
program a organize a food stall in that program. I had many items to make but I
supplied chicken Manchurian in high quantity because the price of it was high
as compared to the other items .This helped me to make more profits.
DIMINISHING
MARGINAL UTILITY
EXAMPLE-1st time when I bought a
bike, I was very excited because I riding the bike regularly, but after some
time my excitement is reduce day by day.
PEOPLE
RESPOND TO INCENTIVES
EXAMPLE-
One day I went to restaurant and eaten some chicken item. They are
making food very delicious, I like the test of food I went regularly. Because
they are satisfy need of customer.
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