Assessment Brief

Imagine you have been considering making a purchase for yourself.  This is a product or service you’ve wanted for a while, but one that requires budgeting because you will be making monthly payments.  Select a product or service in which the demand for the product or service is clearly affected by the strength or weakness of the overall economy such as an expensive vacation, a home, an automobile, appliances, smart phones, etc. Write a 1,050- to 1,400-word paper in which you address the following points.   Use the bolded words/phrases shown below as first-level headings for your paper.  Your paper should: Include an introduction and a conclusion.  See the message, Thesis Statements, Introductions, and Conclusions, which is posted as a Class Message, for information on writing thesis statements, introductions, and conclusions.  Your introduction should include a clear and concise statement of the main problem/issue to be addressed.Include a completed version of the Economic Indicators Table that is attached to this assignment.  To complete the table, you need to identify the trends in at least two macroeconomic economic indicators that are listed in that table.  Those indicators reflect the strength (or weakness) of the overall economy.  If you would like to use indicators other than those listed in the Economic Indicators Table, then you must get my approval.Explain how the state of the economy has affected the demand for and supply of your selected product over the last two years based upon the trends in the two economic indicators that you gathered information on.  Be sure you note whether the supply of and demand for the product or service you selected increased or decreased.Explain how the state of the economy affected the price of the product or service and your decision on whether or not to buy the product or service.In your conclusion include responses to the following: How might you apply what you learned about supply and demand to your workplace or to your understanding of the product or service you are considering purchasing?How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand?  How do those shifts in supply and demand affect the price of the product or service?