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Posted: September 10th, 2021
Influence of Economics on Household Decision Making Paper writing
Influence of Economics on Household Decision Making
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Purpose of Assignment
To evaluate the effects of macroeconomic indicators on your personal decision making.
Assignment Steps
Resources: Federal Reserve Economic Data (FRED) https://fred.stlouisfed.org/
Develop a minimum 1,050-word analysis of your decision-making process in which you include the following:
INTRODUCTION
Consider a major purchase you have made since 2003 (home, auto, appliances, education, etc. Write a page paper – Describe your major purchase and when you bought it. Write a page paper – Describe any financing you used for the purchase.
ANALYSIS OF THE STATE OF THE ECONOMY
Retrieve the following charts from FRED. Use a screen capture program such as Jing, copy these charts into your report and integrate them into your discussion.
• Real GDP per capita and Real Personal Consumption Expenditures (PCE) (https://fred.stlouisfed.org/graph/?graph_id=458245&rn=818 )
• Bank Prime Loan Rate and Unemployment Rate (https://fred.stlouisfed.org/graph/?graph_id=468447)
• Housing prices and Mortgage rates (if you purchased a home) (https://fred.stlouisfed.org/graph/?graph_id=468448 )
At the time of your purchase, was the economy expanding or contracting? Was the unemployment rate increasing or decreasing? Were personal consumption expenditures rising or falling? Were interest rates rising or falling? If you bought a home, were housing prices and mortgage rates rising or falling? How did these economic trends influence your purchase decision? Discuss the influence of any Federal government or state government programs, such as tax credits or tax deductions for energy-saving/efficiency purchases, etc. on your decision to make your purchase; or if government incentives did not factor into your decision, explain why not.
CONCLUSIONS
Summarize the influence (or lack thereof) the economic data sources had on your personal decision-making relative your purchases. Write a page paper – Describe how you think such data will assist you in making future major purchase decisions.
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