Please use your own experiences and the knowledge you have gained from this week’s readings to answer the following topics and questions. You may also use information that you find in the textbook, AIU’s library, or the Internet to support your discussion. Make sure that you use economic concepts in your main contribution.
Think of items that you have purchased in a market, such as the following:
Big ticket items such as a house, an apartment rental, or a car
Ordinary items in your weekly budget, such as coffee, gasoline, bread, milk, and so on
Consider some of the following questions when writing your contribution:
What price trends have you noticed over the last few years? Do the prices fluctuate? Have prices increased or decreased?
How would you use what you have learned concerning supply and demand to explain these trends?
Have there ever been any shortages or surpluses of these items? How would you explain that?