Economic literacy Essay

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Economic Literacy http://finance.yahoo.com/blogs/the-exchange/iphone-5c-cheap-plastic-case-not-cheap-price-112535345.html This article is focused on the new iPhone 5 and many of its new features. Features of the iPhone 5S are that it has a better core processor, a better front camera, and a few other minor changes. However, it is not the 5S that is stirring up controversy. Instead, the iPhone 5C is what people are interested in. The 5C deviates away from the traditional metal framed iPhone with its new plastic frame. Some people like the idea of a plastic iPhone, that comes in 5 new colors, but some people think that both of these changes will damage the brand’s image of “luxury” or high quality. The two economic principles that this article relates to are “All Choices Involve Cost” and “People Respond to Incentives in Predictable Ways.” The choice involving cost in this particular situation is the fact that Apple made the choice to make an iPhone with a lower price, but the cost of that choice is that the cheaper iPhone is lower quality. Even though it is slightly lower quality, it is much cheaper, and this lower price is the incentive that many people will have to get the phone, which is why the economic principle stated before is relevant. I support this action fully. I know for a fact that people will buy a new iPhone under any circumstance, and at any price. The plastic frame of the 5C is most likely much more cost-efficient to produce, so by

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