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.
Write a 850- 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.).
Show a graph to represent the historical and current standing for each economic indicator.
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?
Explain the impact on the price of the product and your decision on whether or not to buy the product.
Explain the flow between households, government and business in respect of this product.
How might you apply what you learned about supply and demand to your work place?
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