Summary
While the economic concepts may not apply to your daily jobs, more and more I expect that the data and analytics monetization conversations will center on basic economic concepts as organizations seek to exploit the economic value of their data and analytics to improve operational decision-making and power their business models. Data and analytics exhibit unusual behaviors from that of a traditional asset and applying economic concepts to these behaviors may help organizations as they seek to prioritize and optimize their data and analytic investments.
So, sorry for bringing back bad college memories about your economics classes, but hey, no one said that data and analytics were going to be only fun!
Figure 3.10: An Infographic Summary of Many of the Key Economic Concepts covered in this chapter
