Jul 12, 2017 Others

What was the impact on the supply of the product and the impact on the demand for the product?

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Product Purchases and the Economy

INSTRUCTIONS:

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 800-1000 -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. 

CONTENT:

Product Purchases and the Economy Name: Instructor: Institution: Date: An economic indicator is a piece of statistical representation of macroeconomic data, which is used by investors to help them understand the current and future states of the economy. There are a number of these. They include Gross Domestic Product (GDP) and Consumer Price Index (CPI). A simple understanding of GDP is that it is an aggregate representative of the measure of economic production and reflects the business sector estimation of the considerable number of products and administrations that were created inside of a given nation, within a given timeline. It is a very informative representation of the economy, since it is comprehensive and extremely detailed, incorporating other various aspects such as personal consumption and retail sales. When financial specialists discuss development in the economy, they measure that development as the rate change i

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