Upcoming Android Phones Help Us Understand Economics

You remember when my dad bought his first cell phone in the late nineties and individuals were so thrilled. We all accustomed to snug around it after dinner and find out its features. Although it features were peanuts when compared to features of the upcoming android phones, the satisfaction we got out of that single phone was comparable to the one that only I would get basically bought a new phone of my very own choice. This is the concept of diminishing marginal utility. It explains a great deal about how markets evolve and just how things are competitively placed in the marketplace.

Suppose that you were about to be provided a cheap android phone. It's so cheap that you could buy one on your own every day. It is good to look at, has all of the latest functions and there is practically nothing wrong with it so it can last for years at end. Now you ask , would you buy a new phone each day? Surely your answer would be no. This really is similar to consuming a glass water. If you could consume a glass water every minute, would you achieve this for the rest of your life? Surely, you wouldn't because after all there is a limit, as much as which you could consume that water.

Same is the situation with this model of cheap android phone. You wouldn't buy a new one everyday as you have a limit up to which you could extract satisfaction from this. After that limit, the said selection of upcoming android phones would begin to appear unattractive and even repulsive for you. Our older folk happen to be telling us the same story having a moral that “Access of Everything is Bad”; this is just what they meant by that story. Thus, to summarize that whatever your profession, the overall principles of wisdom and logic will stay the same.