ECON 210 Essay

ECON 210

Embry-Riddle Aeronautical University

Thesis: The laws of supply and demand advocate that the more something costs, the fewer people will purchase it. The exception to this is called a Veblen good. This is something purchased not just for its inherent value but for the pride of owning something expensive. This is the way smart phones are marketed and sold this day age.

I. Introduction

a. Thesis

b. Our obsession with Smart phones

II. Veblen Good Defined and Examined

a. Veblen good defined

b. Origination of Veblen and its early stages

c. Luxury and its costs vs. the economist

i. Graph/Charts showcasing Veblen good over the years

III. The Smart phone and its effects on the economy

a. Early supply and demand of smart phones

i. Graph showcasing smartphone sells in its early stages

b. What we have become and the current effects of smartphone sales on the economy

c. The correlation between the smart phone and Veblen good

i. Graph/Chart of supply/demand/Equilibrium and Curve Shifts

IV. Personal opinion

a. Where I stand on the subject and why

b. Present data to support my argument

V. Conclusion

a. Summarize Veblen good and the smart phone

References

Ryder, B. (2018, September 8). The global smartphone supply chain needs an update. Retrieved from, https://www.economist.com/business/2018/09/08/the-global-smartphone-supply-chain-needs-an-upgrade

Schwartz, E. (2018 September 20). Why we buy our iPhones. Retrieved from, https://econlife.com/2017/09/iphone-conspicuous-consumption/

Ross, S. (2018, December 5). The economics of an iPhone (AAPL). Retrieved from, https://www.investopedia.com/articles/investing/022316/economics-iphone-aapl.asp

Fingas, R. (2018, April 19). Apples iPhone now key to global economic growth, claims IMF. Retrieved from, https://appleinsider.com/articles/18/04/19/apples-iphone-now-key-to-global-economy-growth-claims-imf