When it comes to Economics everybody is a consumer at one or the other point and human beings as we all know have unlimited wants but very limited resources. This is where microeconomics comes into play. It is microeconomics that tells us how a free market economy with its millions of consumers and producers work to decide about the allocation of productive resources among the thousands of goods and services, more simpler words, study of how we make decisions because we know we don't have all the money and time in the world to purchase and do everything. WHY EXACTLY PIZZA’S OVER BURGERS AND WILL IT ALWAYS REMAIN THE SAME? Now here’s where consumer preference comes into play. Consumer preference is defined as the subjective tastes of individual consumers, measured by their satisfaction with those items after they’ve purchased them. This satisfaction that a consumer gets from the consumption of a good or service is...
If given an option between unlimited pizza for 100 rupees or unlimited burgers for the same, which one would you chose and do you think a second person would choose the same? The first and foremost answer in everyone’s mind would be of course it depends on what he/she likes the most between them. But is that it? Even though this question sounds very simple, there are a lot of complications on how one reaches a conclusion or in better words how one makes choices.