|
Snob Effect
The snob effect is a phenomenon described in microeconomics as a situation where the demand for a certain good by individuals of a higher income level is inversely related to its demand by those of a lower income level. The "snob effect" contrasts most other microeconomic models, in that the demand curve can have a positive slope, rather than the typical negatively sloped demand curve of normal goods. This situation is derived by the desire to own unusual, expensive or unique goods. For consumers who want to use exclusive products, price ''is'' quality. These goods usually have a high economic value, but low practical value. The less of an item available, the higher its snob value. Examples of such items with general snob value are rare works of art, designer clothing, and sports cars. The snob effect in the consumption of luxury goods. Ergin Uzgoren, Taner Guney. Procedia - Social and Behavioral Sciences 62 ( 2012 ) 628 – 637 In all these cases, one can debate whether they me ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microeconomics
Microeconomics is a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the national economy as whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results. While microeconomics focuses on firms and individuals, macroeconomics focuses on the sum total of economic activity, dealing with the issues of growth, inflation, and unemployment and with national policies relating to these issues. Microeconomics also deal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Normal Good
In economics, a normal good is a type of a Good (economics), good which experiences an increase in demand due to an increase in income, unlike inferior goods, for which the opposite is observed. When there is an increase in a person's income, for example due to a wage rise, a good for which the demand rises due to the wage increase, is referred as a normal good. Conversely, the demand for normal goods declines when the income decreases, for example due to a wage decrease or layoffs. Analysis There is a positive correlation between the income and demand for normal goods, that is, the changes income and demand for normal goods moves in the same direction. That is to say, that normal goods have an elastic relationship for the demand of a good with the income of the person consuming the good. In economics, the concept of elasticity, and specifically income elasticity of demand is key to explain the concept of normal goods. Income elasticity of demand measures the magnitude of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Good (economics)
In economics, goods are items that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying Product (business), product. A common distinction is made between goods which are transferable, and Service (economics), services, which are not transferable. A good is an "economic good" if it is useful to people but scarcity, scarce in relation to its demand so that human effort is required to obtain it.Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill. In contrast, free goods, such as air, are naturally in abundant supply and need no conscious effort to obtain them. Private goods are things owned by people, such as Television, televisions, living room furniture, wallets, cellular telephones, almost anything owned or used on a daily basis that is not food-related. A consumer good or "final good" is any item that is ultimately consumed, rather than used in the production of another good. For example, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Works Of Art
A work of art, artwork, art piece, piece of art or art object is an artistic creation of aesthetic value. Except for "work of art", which may be used of any work regarded as art in its widest sense, including works from literature and music, these terms apply principally to tangible, physical forms of visual art: *An example of fine art, such as a painting or sculpture. *Objects in the decorative arts or applied arts that have been designed for aesthetic appeal, as well as any functional purpose, such as a piece of jewellery, many ceramics and much folk art. *An object created for principally or entirely functional, religious or other non-aesthetic reasons which has come to be appreciated as art (often later, or by cultural outsiders). *A non-ephemeral photograph or film. *A work of installation art or conceptual art. Used more broadly, the term is less commonly applied to: *A fine work of architecture or landscape design *A production of live performance, such as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Designer Clothing
Designer clothing is expensive luxury clothing considered to be high quality and haute couture for the general public, made by, or carrying the label of, a well-known fashion designer. Brands Designer clothing is not always created by the founder of the company. For example, the actual designer of Chanel is not its original founder and designer, Gabrielle Chanel, but French designer Virginie Viard. The quality of the clothing and degree of its resemblance, if any, to the designer's work vary considerably depending on the licensee and the terms of the agreement the designer has struck. Some terms may limit the number of garment styles that may be produced, allowing the designer to veto any designs he or she finds unappealing. Examples include: * Armani * Alexander Wang * Balenciaga * Balmain * Berluti * Bottega Veneta * Burberry * Calvin Klein * Chanel * Céline * Christian Louboutin * DSquared2 * Diesel * Dior * Dolce & Gabbana * DOMREBEL * Escada * Fendi * Givenchy * Gucci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sports Cars
A sports car is a car designed with an emphasis on dynamic performance, such as handling, acceleration, top speed, the thrill of driving and racing capability. Sports cars originated in Europe in the early 1900s and are currently produced by many manufacturers around the world. Definition Definitions of sports cars often relate to how the car design is optimised for dynamic performance, without any specific minimum requirements; both a Triumph Spitfire and Ferrari 488 Pista can be considered sports cars, despite vastly different levels of performance. Broader definitions of sports cars include cars "in which performance takes precedence over carrying capacity", or that emphasise the "thrill of driving" or are marketed "using the excitement of speed and the glamour of the (race)track" However, other people have more specific definitions, such as "must be a two-seater or a 2+2 seater" or a car with two seats only. In the United Kingdom, early recorded usage of the "sports car" ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Penny Black
The Penny Black was the world's first adhesive postage stamp used in a public postal system. It was first issued in the United Kingdom (referred to in philatelic circles as Great Britain), on 1 May 1840, but was not valid for use until 6 May. The stamp features a profile of Queen Victoria. In 1837, British postal rates were high, complex and anomalous. To simplify matters, Sir Rowland Hill proposed an adhesive stamp to indicate pre-payment of postage. At the time it was normal for the recipient to pay postage on delivery, charged by the sheet and on distance travelled. By contrast, the Penny Black allowed letters of up to to be delivered at a flat rate of one penny, regardless of distance. Treasury competition On 13 February 1837, Sir Rowland Hill proposed to a government enquiry both the idea of a pre-paid stamp and a pre-paid envelope, a separate sheet folded to form an enclosure for carrying letters. Hill was given a two-year contract to run the new system, and tog ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1933 Double Eagle
The 1933 double eagle is a United States 20-dollar gold coin. Although 445,500 specimens of this Saint-Gaudens double eagle were minted in 1933, none were ever officially circulated, and all but two were ordered to be melted down. However, 20 more are known to have been rescued from melting by being stolen and found their way into the hands of collectors before later being recovered. Eight of the recovered coins were destroyed, making this one of the world's rarest coins, with only 14 known specimens remaining—only one of which is privately owned, which is known as the Weitzman Specimen. Due to the fact that the coin was never released to the public, it is illegal to privately own any of the a 1933 double eagles, with the exception of the Weitzman Specimen. The two intentionally spared coins are in the U.S. National Numismatic Collection, ten others are held in the United States Bullion Depository at Fort Knox, and the one remaining recovered coin was sold in 2002 to private ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Snob
''Snob'' is a pejorative term for a person who believes there is a correlation between social status (including physical appearance) and human worth.De Botton, A. (2004), ''Status Anxiety''. London: Hamish Hamilton ''Snob'' also refers to a person who feels superiority over those from lower social classes, education levels, or other social areas. The word ''snobbery'' came into use for the first time in England during the 1820s. Examples Snobs can through time be found ingratiating themselves with a range of prominent groups – soldiers (Sparta, 400 BCE), bishops (Rome, 1500), poets (Weimar, 1815), farmers (China, 1967) – for the primary interests of snobs is distinction, and as its definition changes, so, naturally and immediately, will the objects of the snob's admiration. Snobbery existed also in mediaeval feudal aristocratic Europe, when the clothing, manners, language and tastes of every class were strictly codified by customs or law. Geoffrey Chaucer, a poet moving ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scarcity Value
Scarcity value is an economic factor describing the increase in an item's relative price by a low supply. Whereas the prices of newly manufactured products depends mostly on the ''cost of production'' (the cost of inputs used to produce them, which in turn reflects the scarcity of the inputs), the prices of many goods—such as antiques, rare stamps, and those raw materials in high demand—reflects the scarcity of the products themselves. In terms of partial-equilibrium supply and demand, the markets where prices are "cost-determined" have a supply curve that is very elastic or even horizontal, so that an increase in demand raises the quantity of production much more than the price. The price mostly reflects the scarcity of the inputs but not that of the product. On the other hand, those items with scarcity value have inelastic or even vertical supply curves, so that an increase in the demand for the product mostly increases the price and not the quantity supplied. The seller of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Veblen Good
A Veblen good is a type of luxury good for which the demand increases as the price increases, in apparent (but not actual) contradiction of the law of demand, resulting in an upward-sloping demand curve. The higher prices of Veblen goods may make them desirable as a status symbol in the practices of conspicuous consumption and conspicuous leisure. A product may be a Veblen good because it is a positional good, something few others can own. Background Veblen goods are named after American economist Thorstein Veblen, who first identified conspicuous consumption as a mode of status-seeking (i.e., keeping up with the Joneses) in ''The Theory of the Leisure Class'' (1899). The testability of this theory was questioned by Colin Campbell due to the lack of complete honesty from research participants. However, research in 2007 studying the effect of social comparison on human brains can be used as an evidence supporting Veblen. The idea that seeking status can be an incentive to spend ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bandwagon Effect
The bandwagon effect is the tendency for people to adopt certain behaviors, styles, or attitudes simply because others are doing so. More specifically, it is a cognitive bias by which public opinion or behaviours can alter due to particular actions and beliefs rallying amongst the public. It is a psychological phenomenon whereby the rate of uptake of beliefs, ideas, fads and trends increases with respect to the proportion of others who have already done so. As more people come to believe in something, others also "hop on the bandwagon" regardless of the underlying evidence. Following others' actions or beliefs can occur because of conformism or deriving information from others. Much of the influence of the bandwagon effect comes from the desire to 'fit in' with peers; by making similar selections as other people, this is seen as a way to gain access to a particular social group. An example of this is fashion trends wherein the increasing popularity of a certain garment or style ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
.jpg "Click for more on -> Snob")
