Product Purchases and the Economy
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week_2_assignment.docx
Product Purchases and the Economy
You've been debating on making a purchase for yourself. This is a product you've wanted for a while, but one that requires budgeting because you will be making monthly payments.
Select a product in which the demand for the product is clearly affected by the strength or weakness of the overall economy such as new homes, cars, appliances, smart phones, etc.
Write a 1,050- to 1,400-word paper in which you address the following:
· Identify and define two economic indicators that reflect the strength of the economy (e.g. real GDP, unemployment rate, inflation rate, interest rate, housing starts, etc.).
· With these economic indicators in mind, how has the economy affected the demand for and supply of your selected product over the last 2 years?
· What was the impact on the supply of the product and the impact on the demand for the product?
· Explain the impact on the price of the product and your decision on whether or not to buy the product.
· Include responses to the following:
· How might you apply what you learned about supply and demand to your work place or your understanding of the product you are considering purchasing?
· How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the price of the product?
Cite a minimum of three peer-reviewed sources not including your textbook.
Product Purchases and the Economy
You've been debating on making a purchase for yourself.
This is a product you've wanted
for a while, but one that requires budgeting because you will be making monthly payments.
Select
a product in which the demand for the product is clearly affected by
the strength or
weakness of the overall economy such as new homes, cars, appliances, smart phones, etc.
Write
a 1,050
-
to 1,400
-
word paper in which you address the following:
·
Identify
and define two economic indicators that reflect the strength of the eco
nomy
(e.g. real GDP, unemployment rate, inflation rate, interest rate, housing starts, etc.).
·
With these economic indicators in mind, how has the economy affected the demand
for and supply of your selected product over the last 2 years?
·
What was the impact
on the supply of the product and the impact on the demand for
the product?
·
Explain
the impact on the price of the product and your decision on whether or not to
buy the product.
·
Include
responses to the following:
o
How might you apply what you learned ab
out supply and demand to your
work place or your understanding of the product you are considering
purchasing?
o
How do the concepts of macroeconomics help you understand the factors
that affect shifts in supply and demand on the price of the product?
Cite
a
minimum of three peer
-
reviewed sources not including your textbook.
Week 1 Khan Academy Videos
Product Purchases and the Economy
You've been debating on making a purchase for yourself. This is a product you've wanted
for a while, but one that requires budgeting because you will be making monthly payments.
Select a product in which the demand for the product is clearly affected by the strength or
weakness of the overall economy such as new homes, cars, appliances, smart phones, etc.
Write a 1,050- to 1,400-word paper in which you address the following:
Identify and define two economic indicators that reflect the strength of the economy
(e.g. real GDP, unemployment rate, inflation rate, interest rate, housing starts, etc.).
With these economic indicators in mind, how has the economy affected the demand
for and supply of your selected product over the last 2 years?
What was the impact on the supply of the product and the impact on the demand for
the product?
Explain the impact on the price of the product and your decision on whether or not to
buy the product.
Include responses to the following:
o How might you apply what you learned about supply and demand to your
work place or your understanding of the product you are considering
purchasing?
o How do the concepts of macroeconomics help you understand the factors
that affect shifts in supply and demand on the price of the product?
Cite a minimum of three peer-reviewed sources not including your textbook.
Week 1 Khan Academy Videos
