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Discuss the recent price increase of a product

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Assignment

We jump right in and talk about markets. You probably already have a sense of what a market is, but what do you know about economics? The short video below highlights Gregory Mankiw's 10 principles, considered to be the core of economics.

Please respond to the following:

• Identify two of the economic principle(s) or topic(s) that you want to learn more about ... and why?

• Discuss the recent price increase of a product (or service) you were in the market to buy. Did you buy the product at the higher price? Why or why not? Was the price increase you observed caused by an increase in demand or a decrease in supply? Explain?

https://youtu.be/PXJvyHe1aZk

Reference no: EM131673832

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