Opportunity Cost:
v
IBA has given holiday on Friday but Saturday I
have a class, next is Sunday. So I decided to take leave on Saturday and will
leave from Thursday night to home. Later I thought that marks will be deducted
if it is below 90 % attendance so I sacrifice this opportunity and decided to
stay in IBA only. sacrificing one opportunity for getting best alternative is
called opportunity cost.
Utility:
v
I am getting more satisfaction in nh2 restaurant
than Vishaly restaurant, is called utility. Satisfying power of human wants is
called utility. Here Vishaly not come under utility.
Law of Demand:
v
As my age increases my life expectancy of life
is decreases. This is law of demand.
Consumer tastes
and preferences:
v
Identifying the customer needs and wants
satisfying them is called customer taste and preferences
v
Eg: OLA
Today
everyone knows OLA what he did? He just finds the customer needs and satisfied
them through travelling
Law of Supply:
v
On Thursday in IBA I.e. (23-08-18) everyone
wants to go outside by taking stay out form.
v
on that
day demand wasvery high for stay out forms because no one has stay out form.
v
one student has lot of stay out forms he sold
each stay out form for 10rs. This is law of supply
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