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Choose any one chapter from our textbook of economics. Explain how it is useful to you...

Choose any one chapter from our textbook of economics. Explain how it is useful to you in your personal life and/or professional car

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Answer #1

LAW OF DEMAND

As we all know in our daily life we take so many decisions whether we are at the low profile or high profile job and law of for any person, it is very useful to to determine the change in his purchasing effects due to change in price.

Suppose any person decides to buy a new model of Bentley car , then after seeing the market conditions he finds that in recent time, the Bentley car company has incresed their price by 10% and that causes demand of the market to fall by 5% . So he will decide accordingly to buy it or not or he may switch to some other brand.

Thus the law of demand can be very useful in our daily life.

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