Question Details

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 750- to 1,000-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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