Have you ever been in dire need of the newest Nike sneakers… only to realise they’re sold out in every Foot Locker and online store? These moments of disparity actually drive businesses and profits, giving us a glimpse into the world of supply and demand, the foundation of economics!

Have you ever eaten a doughnut, and then another, and then one more, until suddenly you instantly feel regretful, thinking, “Why did I eat that last doughnut?”. Well, that, right there, is a clear-cut case of the law of diminishing marginal utility.