Economics in real life

Law of demand :

Others things remain constant, the price increases, demand decreases and when price decreases, demand increases.

Example :
One day I went to buy pomegranate, I find increase in the price of pomegranate, I dropped the idea of buying that fruit because of increase in price. Here the concept of law of demand applies.

Law of Diminishing Marginal Utility :

Law of Diminishing Marginal Utility states that all things remain constant as consumption rises the Marginal Utility derieved from each additional unit declines.

Example :
We went in a group to eat panipuri, when we consumed one plate of panipuri it gave us satisfaction, but when we started consuming second plate, the satisfaction decreased after first plate. Here the law of  diminishing marginal utility applies.

Law of Supply :

Others things remain constant, the quantity supplied of a goods increases when the price of the goods increases and when the price decreases the quantity supplied also decreases.

Example :
One day I went to shoes showroom, there was offer going on in which they were selling the product on discount. But supply of that products was not much.
As the price of shoes will increase the supply of shoes will also increase.

Law of Equi-Marginal Utility

Law of Equi-Marginal Utility states that consumer will spend their income in such a manner that utility derieved from last money spend on each product will be equal.

Example :
Suppose I have RS 1000 with me, in which I have to buy one T-shirt and one pair of shoes. So I will divide my income in such a manner that I can buy both goods in 1000 rupees only.

People Face Trade Offs :

People Face Trade Offs states that to fulfill one need we have to sacrifice our another need.
The one thing we like most, in order to fulfill that we have to sacrifice our another thing.

Example :
Consider I am working in a company and there is a overtime. I will get extra pay for overtime, but at the same time, my friends are going for trekking.
I sacrificed trekking trip with my friends in order to get my overtime pay.