Application of economics in my life:
Law of demand:
Law of demand says that when price of a good increases demand for a product decreases when a price of a good decreases the demand for a product increases. Here there is a inverse relationship between price and demand.
Example:
My friend needs to purchase a dress from a mall the price of dress is ₹5000 he buys only one when price decreases to ₹2500 he buys two dresses.when price increases for ₹7000 he doesn't buy any dress because the price is too high so my friend demand for the dress is low and when price decreases my friend demand for dress is high.From this we can see that when price increases demand decreases and vice versa.
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