Synthesis

The economic principle I examined was people (usually) respond to incentives in predictable ways. There are many situations where this economic principle can be applied to the real world. For instance, while studying the ways the film industry have changed overtime I found many examples of this principle. First, nice cameras are easy to access, being right on our phones This shows that anyone has the ability to become a filmmaker. There are editing softwares that you can download for free right at home, which will allow you to create a high quality movie. This changes people because the process of making a film is a lot easier these days, since it used to be a profession, and now it’s a hobby. Second, we have the world at our fingertips due to social media. This demonstrates that having credibility and the process of making a movie has changed. People are more focused on how many followers and likes they get rather than how many tickets were sold in the Box Office. Third, People can access professionally made movies in their own homes. This means that because people have more availability to watch movies at home, then they are less likely to go out to the movie theater. This changed revenue for big movie companies, and shifts all the attention to companies like Netflix, On Demand and Hulu. Overall, you can see that all aspects of movies have changed and the culture of the film making is not the same as it was before Iphones.