3. Types of Goods
3.1
There Are no Widgets - Types of GoodsThe law of supply and demand applies differently depending on the exact types of goods.
3.2
Rivalry and Excludability in GoodsGoods can be classified by their consumption rivalry and ability to exclude non-payers.
3.3
Private Goods vs. Public Goods - flashNarrated lecture on the difference between private goods and public goods. Demand schedules for private goods and public goods are generated using Flash animation.
3.4
Drinking ExperienceStarbucks commands premium prices for its lifestyle coffee because of its status cachet.
3.5
Streaming RevenuesMany companies earn more revenues from selling replacement parts than selling the complementary products.
3.6
Systems Competition and Network EffectsA dominant network based on a near universal standard can internalize a great deal of system externality to the benefits of network users and can persist even in the face of technically superior competing networks.
3.7
Tuned outThe popularity of iPods locks in customer loyalty to the closed iPod-iTunes portable music playing system.
3.8
Roemer's Law of DemandSupply may induce its own demand where a third party practically guarantees reimbursement of usage.
3.9
Complements and Substitutes - flashComplements and substitutes illustrate the difference between changes in quantity demanded vs changes in demand.
3.10
More Money, More OptionsFast foods are inferior goods that are used more when income is low. "Sit down" restaurant meals are normal goods that are consumed more when income is high.