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business question
  • From Economics, General Economics
  • Due on 23 May, 2018 12:00:00
  • Asked On 21 May, 2018 06:31:10
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Purpose of Assignment 

To locate, retrieve, and evaluate the effects of macroeconomic indicators on your own decision making. 

Assignment Steps 

Resources: Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products. 

Scenario: Consider your last big purchase such as a car, appliances, home repairs, home purchase, computer equipment, college tuition, or another "big-ticket" item, which are often purchased using loans/financing (by borrowing money). Also consider your decision-making process that led you to choose a particular make, model, or brand of the product (or service) you purchased and whether it was the right time to make the purchase given economic conditions at the time of your purchase. While analyzing your decision, keep in mind everything from interest rates to the prices of complementary and substitute goods are driven by human economic behavior. 

Develop a minimum 1,050-word analysis of your decision-making process in which you include the following:

  • Retrieve statistics on Real Gross Domestic Product (GDP) and on Real Personal Consumption Expenditures (PCE) by year for the last ten years. You can retrieve those statistics from internet sources including, but not limited to, the Federal Reserve of St. Louis's FRED web site, the U.S. Department of Commerce's Bureau of Economic Analysis (BEA) web site, or another credible source of your choice. Post these statistics in a single worksheet of an Excel® workbook and submit your Excel® file with your report. In your report, discuss the latest 10-year trends in both GDP and PCE. Also discuss how the trends in GDP compare with trends in PCE. You are encouraged to include graphs of these statistics in your report; you could create the graphs in Excel® and copy them into your report.
  • Retrieve statistics on the Effective Federal Funds Rate and on the Consumer Price Index: All Items Less Food and Energy by year for the last 30 years. You can retrieve those statistics from internet sources including, but not limited to, the Federal Reserve of St. Louis's FRED web site, the U.S. Department of Labor's Bureau of Labor Statistics (BLS) web site, or other credible sources of your choice. Post these statistics in a single worksheet of an Excel® workbook and submit your Excel® file with your report. In your report, discuss how the trends in the Effective Federal Funds Rate compare with trends in inflation. If you took out a loan to pay for your "big-ticket" purchase, what was the interest rate on your loan? Were interest rates rising or falling at that time?  Were interest rates relatively high or low at that time? You are also encouraged to include graphs of these statistics in your report.
  • Discuss the influence of any Federal government or state government programs, such as tax credits or tax deductions for energy-saving/efficiency purchases, on your decision to make your last big purchase; or if government incentives did not factor into your decision, explain why not.
  • Develop conclusions about the economy's influence on personal and business decision-making relative to purchases of big-ticket items, investments, or other major purchases. 

Cite a minimum of three peer-reviewed sources. Note: The Federal Reserve of St. Louis, the Bureau of Economic Analysis, and the Bureau of Labor Statistics can be cited to fulfill this requirement. 

Format your paper consistent with APA guidelines. 

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Decision-making process
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Decision-Making Process Student’s Name Institution Decision-making process Decision-making process in household appliances. Introduction Decision-making process is the ability of a consumer to make the best choices. The choices are simple and address the factors that affect them during a specified time of the year (Shepherd, & Rudd, 2014). Remember that decision-making process is devoted to different aspects ranging from the economic, political, social and demographic factors of the country toward s its citizen or business towards its customers. Effective Decision-Making Process In the purchase of a motor vehicle, the concept of utilitarianism has been greatly affected by the decision-making process. The utility of an individual towards the economy may differ in-length when different variables have different standard deviation towards the climatic conditions or environmental surroundings the vehicle is subjected to. The divergence of utility incumbently creates a virtual point of weakness in the decision making proce...
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business question
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  • Submitted On 22 May, 2018 06:42:45
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Impacts of economics on purchase decision-making process There are different factors that play significant roles in the consumers’ purchase decision-making process. First, the soci...
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