MTH2

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School

Eastern Gateway Community College *

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Course

102

Subject

Economics

Date

Nov 24, 2024

Type

docx

Pages

1

Uploaded by anaelibaldor

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Economic forces such as employment, income, prices, interest rates, and consumer confidence have major influence the purchasing decisions consumers make. Personally, whether I am employed and have steady income is reflected in my spending habits. Being employed full time with a good salary allows the privilege of not worrying about how I am going to pay my bills or feed my family. With extra funds, I have the leeway to spend more freely than someone who maybe unemployed or underemployed. Prices are an indicator of value to the average person. Is this good or service worth the cost to me? Can I afford the price? The cost of something is probably the main consideration that is taken when deciding whether to make a purchase. In addition to price, interest rates can be a deciding factor. Do I want this good or service enough to pay more than it is technically worth? Am I able to pay for it out right or is it necessary that I use credit to make this purchase? Consumer confidence is consumer’s feelings affected by the aforementioned factors, plus the overall state of the economy & how it may relate to purchases. If my finances are in a bad state or the economy is tanking, I may have negative thoughts toward making large and/or unnecessary purchases.
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