 As we make the transition from consumers to producers it is important to consider the intersection of supply and demand. This week's video lecture shows an interesting segment of the market that is outside the lines of both.
One of the questions to the video lecture asks you to find your favorite knock-off. If you have a particularly good one, list it in the comments to this post. And if you believe this article it will be your favorite. Behavioral economists have found that the first interaction you have with something, or someone for that matter, will stand out to you. What implications does this research have outside of the business world? As a business owner, how would you harness the "first is best" premise?
This one's for you, business majors. This is a great article from SmartMoney about how lessons from Lady Gaga could help your own small business. Like her or love her, she's a juggernaut of marketing and brand development. To tie this in with economics, she competes in a very competitive market, but differentiates her product to gain market share. In english that just means that even though there are plenty of substitutes for music (anyone with a computer and a microphone) she has made herself stand out by doing crazy things (and singing well too) to break away from the substitutes.
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