Discussion Post: Gross Domestic Product
For this Discussion post, complete the following:
You have learned about supply and demand. You know that when prices go up, people buy less. When prices go down, people buy more. For example, if you went to the store to buy a pair of jeans, but the store was having a sale where if you bought one pair, you got a second 50% off, you probably left the store with at least two pairs of jeans. If you went to Amazon to purchase a television for your bedroom, but you find that it cost several hundred dollars more than you expected, you might decide to wait until Amazon go on sale at the holidays to buy the TV.
To review supply and demand watch the following short YouTube video: "Supply and Demand Explained in One Minute"
For this discussion, answer the following:
a) Share an example of a time you made a decision to buy more of a product or service because the price was low. Would you make a different decision if the price was very high?
b) Share an example of a time you made a decision to buy less of a product or service because the price was high. Would you make a different decision if the price was very low?
The response should include a reference list. One-inch margins, Using Times New Roman 12 pnt font, double-space and APA style of writing and citations.