Uop ECO 372 Week 2 Individual Assignment Product Purchases and the Economy NEW

Uop ECO 372 Week 2 Individual Assignment Product Purchases
and the Economy NEW
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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:
o 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?
o 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.
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