Higher Rock Education - Economics Blog

Thursday, September 28, 2017
Earlier this month, Apple released its iPhone 8 and iPhone 8 Plus. Smartphones in general are not cheap, but the iPhone 8 retails for $699 and the iPhone 8 Plus comes in at $799. I have debated with my friends over whether or not it’s worth such a high price. While those prices seem extremely steep at first glance, I began thinking about all of the items that our smartphones have replaced. As all of these things are added up, it makes the price surprisingly more reasonable.

I want to give a few disclaimers before I share my list with you. First, the list I have created is in no way exhaustive. We all have various app preferences and use our phones in different ways. For that reason, I tried to choose commonly used apps that come already installed on the iPhone 8, or useful aps that are free.

Second, many of the replaced items vary in cost depending on which brand you buy, or where you make your purchase. I tried to choose well-known brands with features most comparable to what would actually be replaced by the iPhone 8.

Finally, I only included the part that would be replaced by the actual phone. For instance, I left off a land-line, but did include a cordless phone. The land-line would be replaced by your plan with the wireless carrier, not by the iPhone itself. Similarly, I included an e-reader, but no books because you would still need to purchase e-books in order to use the e-reader or the phone for that purpose.

Without further ado, here is a list of 16 items that an iPhone 8 could replace and their retail prices.

  1. Point and shoot digital camera: $90
  2. Calendar/Day planner: $15
  3. Address Book/Contacts: $10
  4. Basic Calculator: $9
  5. GPS: $120
  6. Alarm Clock: $22
  7. Ipod Nano (7th Generation): $150
  8. Flashlight: $2.50
  9. Timer: $9
  10. Printed Newspaper (1 year subscription): $228
  11. Basic wrist watch (not a smartwatch): $30
  12. Basic e-reader: $80
  13. Cordless phone: $20
  14. Pedometer: $18
  15. Compass: $9
  16. Wallet: $15
Grand Total is…………$827.50!!

You would save $28.50 by purchasing the iPhone 8 Plus, and $128.50 if you bought the iPhone 8.

It is absolutely mind-blowing to think about how much is packed into such a small device! Can you imagine if we carried all of these items around with us all the time? To be completely honest, I thought the savings of buying an iPhone versus all of these other items would be more. However, having all of these things and more readily available at the swipe of a finger might make up for the lack of savings. Not to mention, I love the thought of fewer items laying around to clutter my house!

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