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Refer to two or three of the theories, concepts, terms. or models of macroeconomics AND microeconomics...

Refer to two or three of the theories, concepts, terms. or models of macroeconomics AND microeconomics that we can apply in our daily lives.

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First Concept if opportunity cost

consider we have limited budget and we have to things to choose in our daily life such as either coffee or tea and if we choose tea the opportunity cost of tea is one cup of coffee as we are sacrificing coffee for tea

Second concept is Elasticity of Demand

Consider, the price of rice actually increases and it is important food for us and that is the reason why even if the price increases you don't reduce your quantity by much as it's a necessity and that is the reason it is relatively inelastic in nature.

Rahul Sunny answered 2 years ago
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