question archive 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
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
Subject:EconomicsPrice: Bought3
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-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.
