Economic Concept with Justification and Examples

As we all know that in our daily life Economics is very much related with so many times in so many situations.Like I would like to look up these economic concepts with some examples below.

Law of Demand:

As price decreases there will be an increase in demand for a product from the customers.Here Indian Industry will be able to take advantage through offering products at low prices.

Example:For an Understanding purpose,once pantaloons offered that if we purchased products for Rs.12,000/ there is an offer like the billing is going to be done for Rs.6000/ only.So most of the people got attracted and there is a demand for Pantaloons because of the decrease in price of the products.

Cost-Benefit Analysis:

Most of the women participating in Fashion Show means they are having a keen interest among Fashion Show and that means they are keeping an input amount as cost and the benefits like may be they are very much interested to become popular like that it happens.

Example:If we can take an example of buying a Site or Flat with some amount of cost we are going to get the benefits of that site if it is an good area with some extra features.

Utility:

Utility is nothing but whatever the satisfaction you are getting through when your Human want.

Example:If I am Feeling Hungry inside the campus but i didn't have anything in my wardrobe then i will got satisfied with the Maggie which was available in the Grocery Store is called  "UTILITY".

Law of Diminishing Marginal Utility:

Marginal Utility of a particular product will keep on decreasing when one more product is keep on increasing with the already existing product.

Example:When I was in my B.Tech I am very much fond of chocolates.So one day my friend brought me a Chocolate Box with all Cadbury's in it.I started to eat one by one.After sometime i lost my interest of eating all those chocolates.So this will refer to law of diminishing Marginal Utility.

Law Of Supply:

Law of Supply means if there is an decrease in supply of a product then automatically there is an increase in price of that product.

Example: IBA declared a holiday on 24th August i.e. Friday,So most of them tried a lot to go for Stay out.But there is a shortage of Stay out forms.So one of my batch mate came near to me and he asked for a stay out form me.So I asked him to pay Rs.10/ for stay out form instead of giving him freely  because at that time the supply was less and there is an increase in price.