Identify and define two economic indicators that reflect the strength of the economy.

  • 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? 

 

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