Economics of Every Day in Songs
Glamorous: By Fergie
Demand
The Singer in the song enjoys the lavish lifestyle; however, she still enjoys going to Taco Bell. The question comes in mind; does it mean that the Taco Bell food store is not an inferior good for Fergie? Essentially, Taco Bell is an inferior good, which means as income increases, and the demand will steadily decrease. Nonetheless, Fergie rubbishes the theory in her song “Glamorous” she explains that although she is wearing gold and diamond rings, fly in first-class planes, and pop the champagne; she still consumes the inferior good (Fergie, 2006).
She was implying that Taco Bell is not an inferior good, and her demand will not be affected. Besides, this notion can not be proved since she owns limousines and chaperons, and frequently shop for expensive ornaments. Therefore, in my opinion, it is satisfactory that Fergie has increased her consumption of luxury goods. Furthermore, Taco Bell is an inferior good for wealthy people. Therefore, we can infer that the classes that demand these goods are young people and lower-income earning individuals.
Opportunity Cost
Generally, the opportunity cost is the value of incurred by enjoying the advantage associated with the best alternative. Essentially, according to Fergie, it is clear that even though she appears for Grammys, on magazines and boogies screens. After all the hard work, she still retreats to her family’s humble beginning, where they enjoy their company sipping the cheap available drinks. Flashing back on days, she still owned a mustang (Fergie, 2006). Further, the fact that she always prefers Taco Bell over other luxurious and expensive eating joints supports the theory of opportunity cost. Even though she can afford to live all the glamorous life, she assures that there will be no change in her way of doing things. Fundamentally, the opportunity cost is the value of something that must be given up to enjoy something else. In the case of Fergie, she gives up, luxury to associate herself with the local individuals and family as opposed to celebrities.
Opportunity
Fergie took the opportunity in her song to thank her fans, who religiously bought her recordings. Besides, she took the opportunity to explain that even though she was famous, she is still the same lady even if the world changes the way they perceive her. Also, she described her financial wealth. In the song, it was an opportunity to explain her thoughts on living a healthy and luxurious lifestyle.
References
Fergie. (2006). Glamorous: By Fergie. YouTube. Retrieved May 3, 2020.