Exmaple of Economics Concepts

1.Law Of Demand:

Often,unseasonable price fluctuations are observed in case of fruits.

Explanation: The demand of the fruits gets drecease and the supply of the fruits may increase in the unseason time so that the prices of the fruits gets drecreases.

2. Opportunity Cost:

To analysts, indian industry will be able to take advaantage through offering products at low prices 

Explanation: People always a wantsto buy products with low cost and high quality.May that product is good for long term or not. Its a exmaple cost opportunity. 

3.Law Of Demand:

 What happen when price of oranges increases/decreases 

Explanation: Let us take an example if a consumer have Rs 50 he/she buys 10 oranges and if the orange rate decreases by Rs 40. He can buy 13 orange we can observe that when price increases the quantity demand decreases and vice versa.

4. People Respond To Incentives:

 Many star hotels routinely offer buffer meals.Explanation: Providing buffer by star hotels at a rate of Rs 1200, in which people gets variety of  vegetable and breads instead of eating food of Rs 1200 with linited dishes. They provides some extra food to people so, it is a exmaple of people responds to incentives

5. Law Of Diminishing Marginal Utility

  we see more & more domestic tourists visiting beaches rather than religious places as seen earlier.

Explanation: The units of utility for going too religious place  may be gets drecases, thats why now they like to go on beaches because their units of utility may incease in the breaches