The locality I live in happens to have one of the famous
Chat Centre in Kolkata. Bandana Chat Centre Located in Girish Park is famous
for its “Puchka”, what it’s called in
Kolkata, infamously known as “Paanipuri”.
Many childhood memories are attached to this place and its food.
Many People do not regard food as a vital part of economics.
The eating habits does follow a pattern of consumption. Consumption is not the
showstopper of economics in regards to food. Many forces come into act, which
comes under the concept of economics.
There was one incident that heavily relate to Five basic and
important concepts of Economics.
It was during Durga Puja, I went to this place and happened
to discover (which I have heard earlier from someone but did not believe) that they
have introduce a new product “Suji Puchka”.
They were originally serving “Atta Puchka”.
This time I tried the “Suji Puchka”
instead of “Atta Puchka”. This time I
didn’t know that I was facing a concept of economics, OPPORTUNITY COST which is the “Atta Puchka”. That day I went there to
see if the rumours were true, “Suji
Puchka” was my INCENTIVE,
another concept of Economics which I unknowingly experienced. As I was very
fond of “Atta Puchka” I had 2
quantities of “Atta Puchka” also and
there I experienced INDIFFERENCE CURVE, because
I had given up 4 quantities of “Atta
Puchka” to have 4 quantities of “Suji
Puchka” instead, where earlier I used to have 6 quantities of “Atta Puchka”. When I started eating the “Suji Puchka”, the first bite I had was
very satisfying but as I went on consuming more “Puchkas” my satisfaction started to reduce and in turn I
experienced LAW OF DIMINISHING MARGINAL
UTILITY. I also thought of having “Sandesh”
because this time I was carrying more money. I would have had more of “Suji Puchka” but because of INCOME AND SUBSTITUTION EFFECT, I had
to allocate my income with respect to substitute products.
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