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ECO 372 Week 2 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 such as new homes, cars, appliances, smart phones, etc.

Write a 1,050- to 1,400-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. 

Click the Assignment Files tab to submit your assignment.