Economic terms with relevant examples!

Supply:Willingness and ability of the producer to offer the goods in the market for sale at various prices.

Example-On the occassion of Rakshabandhan each and every chocolate shop will supply more quantity of sweets than they supply in normal days because they know that the demand for sweets is high on that day.Its the suppliers willingness to supply at what quantity to the customers.

Opportunity Cost:The opportunity cost is the cost we give up to get something else.

Example: If I have 2 choices,one to choose between ice-cream and chocolate ,and if I choose icecream,then here is opportunity cost is the chocolate which I didnt chose.Here I gave up the opportunity of chocolate in order to choose icecream

 Demand:Demand is the consumers desire ,ability and will to purchase goods at various prices.

Example:If a person buys 2 clothes in normal days then while during the sale or discount he will buy the double clothes he bought in normal days because of decrease in price .

Utility:The satisfaction people drive from their consumption activities. OR

The want satisfying power of a commodity .

Example:If I want to eat mutton biriyani, then I went outside and ordered mutton biriyani in a restaurant and I ate it.The maximum 

satisfaction I get by consuming mutton biriyani is known as utility.

Incentive:

Example- My group was assigned a assignment,there were total 5 members in my group from 5members 4 did their work and the last one said me that he will give me silk chocolate if I will do his part of the assignment.I immediately said yes and did his work.This is