Economics amaze Me

Law of diminishing marginal utility
The law of diminishing marginal utility states that when we consume a good or service the marginal utility which we get decreases with each additional goods or services.

for example:

People love going to circus cause as it amazes them what a human being is worth capable of. The Circus artists perform multiple events because the utility what the audience derived diminishes every time he watches the same show.

Price mechanism for goods market
As the demand for goods increases there is a shortage of goods that is when demand for goods is greater than supply of goods. this results to the increase in price of the goods until there is an optimum supply of goods which is equal to the demand of goods.

for example:

Seasonal vegetables are always in demand. This high demand leads to shortage of seasonal vegetables. So as to decrease the demand of the seasonal vegetables the price rises until the demand is meet.

Opportunity cost
Opportunity cost is something which you give up when you face a tradeoff.

for example:

When you go to shop for buying a pair of shoes. And there you find  a very beautiful pair of shoes which you have always wanted but its cost is a little expensive.
So you decided that  you can manage somehow by decreasing few expenses for a month.
here the opportunity cost is the other thing which you sacrifice for the pair of shoes