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Economic Enigma

Economic Enigma

Does this make sense?

By: Tanner Holmes

Class: Economics

Mr. Hickman

Why do people pay more for name-brand products when there are generic brands of the same product available for less?

3 Main Reasons

1) Advertising

2) Price

3) Quality

$

Advertising

$

Price

A lot of people think that because of advertising, name brands are better than generic brands. For example Dr. Pepper is better than Dr. Cola. Sometimes generic brands are cheaper than name brands, and sometimes generic is better than name and other times vice versa. You'll never know if you never try the difference

Quality

$$$$

Name brands are more than likely more expensive than generic brands why? All because of the name. What is the difference between the known Under Armor brand and the Starter brand from Walmart? Nothing, they do the exact same thing. Why pay more

$$$$

To be honest name brands sometimes do have better quality. Maybe not so much in the items you eat or health items but everyday usage items might have better quality. An example is Under Armor and Starter. Under Armor has better quality but again, they accomplish the same thing. Why spend more for the same task?

$$$$

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