CONCEPT 1:- LAW OF DEMAND
Today I went to purchase a shirt there was a combo offer buy 1 get 2 at the time the price of shirt decreases and I went to purchase more shirts at the time the demand of the product increases,this is law of demand
CONCEPT 2:- LAW OF DIMINISHING MARGINAL UTILITY
I like to eat ambur briyani i take an stay out from my college and i went to eat briyani when i start to eat briyani i get more satisfaction, and then i went to eat briyani dinner also at the time my interest was slightly decreasing my satisfaction,then i went today morning my satisfaction level totally decreased on briyani this is called law of diminishing marginal utility
CONCEPT 3:- UTILITY
Getting more satisfaction level of human wants in an particular product or services is called utility
example: before a week i went to purchase a shoe its quality is worth to the money and i get some discount as well as i get more service comparing to other company my satisfaction level is high is called utility
CONCEPT 4:- PEOPLE RESPONSE TO INCENTIVES
i went to purchase a mobile in poorvika for my mother particular model at the the sales man said for this temper glass and ear phone free i immediately brought the mobile because i get benefits from this mobile is called people responsive to incentives
CONCEPT 5:- COST- BENEFIT ANALYSIS
When am searching to buy a different case for my laptop at the time i found a shop its my friend shop , the price of the case is high compare to next shop but also i buy the product to get my friends circle benefits work for next time is called cost benefit analysis.
thank you...
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