Description
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.
NO PLAGERISMExplanation & Answer
Review
Review
24/7 Homework Help
Stuck on a homework question? Our verified tutors can answer all questions, from basic math to advanced rocket science!
Similar Content
Related Tags
The Underground Railroad
by Colson Whitehead
The Outsiders
by S.E. Hinton
The Metamorphosis
by Franz Kafka
The Power of Habit - Why We Do What We Do in Life and Business
by Charles Duhigg
And Then There Were None
by Agatha Christie
Uncle Tom's Cabin
by Harriet Beecher Stowe
Night
by Elie Wiesel
Fahrenheit 451
by Ray Bradbury
The Woman in the Window
by A. J. Finn