But when you get what you want, when you want, where you want, however you want on your terms, you basically don’t harbour
any humility, instead you develop a sense of overconfidence. This overconfidence is not a conscious state of mind, but a subconscious
setup that affects their behaviour and relations.
Generation Z, loosely refers to those born between mid1990s to mid-2000s; they have either recently joined the work force or are about to. This is the generation born in the technological boom, growing up with easy access to the internet, practically without having to patiently hear those dial-up sounds to connect. Socia media has been their modus operandi.
“Gen-Z is impatient by design…”
Gen-Z has access to a world of information at their fingertips, and this level of exposure has moulded their mindset in a disruptive manner. They have access to almost anything they wish for at a click of a button; from Taxi rides, food, hotel stays and basically anything they imagine. This level of instant gratification has not given this generation a chance to learn how to be patient.
Instant gratification leads to overconfidence…
Instant gratification doesn’t only yield impatience, but also a sense of overconfidence. When you work hard for something and in the process fail, get up, try again, and finally make it, you get a sense of achievement with humility and that leads to building confidence. But when you get what you want, when you want, where you want, however you want on your terms, you basically don’t harbour any humility, instead you develop a sense of overconfidence. This overconfidence is not a conscious state of mind, but a subconscious setup that affects their behaviour and relations The two extremes of competitive market and monopoly are rare in the real world. For example, although electric utility usually fits the definition of being a single seller of its product, there may be substitutes for its product (e.g., gas, oil, and solar energy) that reduce the monopoly power of this firm. A vast majority of firms fall under oligopoly or monopolistic competition. Under Oligopoly, there are only a few firms in the industry producing either homogeneous or standardized product (e.g., cement, steel, and chemicals) or differentiated product (e.g., automobiles, cigarettes, and soft drinks). The implication of this is that the pricing, advertising, and other promotional behavior of each firm greatly affect the other firms in the industry and evoke imitation and retaliation. Monopolistic competition is characterized by having many firms producing products that are close substitutes like brands of beer. As a result, the degree of control that a firm has over the price of the product it sells is very limited. Two things are distinct in a monopoly market: There is only one supplier, and entry is restricted. The first condition ensures that the monopolist faces no actual competition. The second ensures that the monopolist faces no potential competition. The monopolist enjoys total control of the market.