Law of demand:-
It states that when the demand of the good rises and the price falls. With all other things keeping constant. There are other things that can effect demand beside price. They are price of related goods or services, income, tastes.
Law of supply:-
It states that when the price paid by buyers for a good rises then supplier increases the supply of the goods in the market.
Law of diminishing marginal utility:-
It states the marginal utility derived from the consumption of additional unit goes on diminishing keeping the other things constant.
Opportunity cost:-
It is the next best alternative while making a decision. A choice needs to be made between several alternatives.
Utility:-
It refers to the satisfaction that an individual recives from consumption of good and services.
It states that when the demand of the good rises and the price falls. With all other things keeping constant. There are other things that can effect demand beside price. They are price of related goods or services, income, tastes.
Law of supply:-
It states that when the price paid by buyers for a good rises then supplier increases the supply of the goods in the market.
Law of diminishing marginal utility:-
It states the marginal utility derived from the consumption of additional unit goes on diminishing keeping the other things constant.
Opportunity cost:-
It is the next best alternative while making a decision. A choice needs to be made between several alternatives.
Utility:-
It refers to the satisfaction that an individual recives from consumption of good and services.
No comments:
Post a Comment