We always look for better products . By better product we mean that a product which is better in comparison with the other products that are there in the market. We never want to know what the usage or what are the benefits of the product today or the quantified value of the product we just want to know how much the product is better than the other existing product. For example when purchasing a fairness cream we do not look at what are the benefits or what are the ingredients , how much percentage of valuable ingredients it contains but we always look for how much better is this cream than the other cream that are there in the market. We now live in a world where we buy or do things after comparing it with the other things .So we can say that ordinal utility is more important than the cardinal utility. Cardinal utility does not gives us a chance to compare because it makes comparison tedious.
Economics when applied to real life sounds beautiful. this blog is for those students who are discovering the different facets of economics applications and want to share their discoveries.
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IMPACT OF SOCIETY /SOCIAL GROUPS ON PURCHASE INTENTIONS OF HOME BUYING- Consumers are the most important factor that will make any bus...
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Supply in elastic:if the supply is difficult to replace the product by a substitute goods then that is known as supply-in-elastic. Example...
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MARKET STRUCTURE: there are different market structures that can be characterized to an economy, without market structure any company ca...
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If the supply is easy to replace by multiple suppliers then it’s known as supply elasticity. Any unskilled worker is an example of supply e...
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