Assignment:
Product Purchases and the Economy
Individual Paper
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?
Cite a minimum of two peer-reviewed sources not including your textbook.