DO YOU AGREE WITH THIS SCENARIO

The economic way of thinking will help people to make choice among different alternatives. Our resources are scarce but wants are unlimited, so every human being will try to optimize their wants on the basis of relative importance and economies their choices. While purchase anything we have to consider it's marginal decision also, the additional consumption of good may reduce the marginal utility. The supply and demand for product will also help a economic students to economies their purchase by considering price. While purchasing my smart phone I Analyse the demand and supply condition of different varieties of mobile phones and its prices. By considering these, I choose a better one with least opportunity cost that provide more utility and avoid extravagance and wastage of money. b).An example of positive correlation would be height and weight. Taller people tend to be heavier. A negative correlation is a relationship between two variables in which an increase in one variable is associated with a decrease in the other. For example,the more sales, the less stock remains.

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