16 Jul Influence of Economics on Household Decision
ECO/561 Version 12
Economics
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. Influence of Economics on
Household Decision Making
Grading Guide
ECO/561 Version 12 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.
Click the Assignment Files tab to submit your assignment. Be sure you submit your paper as well as the two
required Excel® files. 2 Influence of Economics on
Household Decision Making
Grading Guide
ECO/561 Version 12 Individual Assignment: Influence of Economics on Household Decision Making
Purpose of Assignment
To locate, retrieve and evaluate the effects of macroeconomic indicators on your own decision making.
Resources Required
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. Grading Guide
Content
Retrieved statistics on Real Gross Domestic
Product (GDP) and on Real Personal
Consumption Expenditures (PCE) by year for
the last ten years. Posted these statistics in a
single worksheet of an Excel® workbook and
submitted Excel® file with student’s report.
Discussed the latest 10-year trends in both
GDP and PCE. Also discussed how the
trends in GDP compare with trends in PCE.
Retrieved 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. Posted these
statistics in a single worksheet of an Excel®
workbook and submitted your Excel® file with
student’s report. Discussed how the trends in
the Effective Federal Funds Rate compare
with trends in inflation. Answered these
questions: If student took out a loan to pay for their
“big-ticket” purchase what was the
interest rate on their loan? Were interest rates rising or falling at that
time? Were interest rates relatively high or low
at that time?
Discussed the influence of any Federal
government or state government programs,
such as tax credits or tax deductions for
energy-saving/efficiency purchases, on
student’s decision to make last big purchase;
or if government incentives did not factor into
decision, explained why not. Met Partially
Met Not
Met Comments: 3 Influence of Economics on
Household Decision Making
Grading Guide
ECO/561 Version 12 Content Met Partially
Met Not
Met Total
Available Total
Earned 7 #/7 Partially
Met Not
Met Total
Available Total
Earned 3 #/3 10 #/10 Comments: Developed conclusions about the economy’s
influence on personal and business decisionmaking relative to purchases of big-ticket
items, investments, or other major purchases.
Cited 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.
The analysis is a minimum of 1,050 words in
length. Writing Guidelines Met The paper—including tables and graphs,
headings, title page, and reference page—is
consistent with APA formatting guidelines and
meets course-level requirements.
Intellectual property is recognized with in-text
citations and a reference page.
Paragraph and sentence transitions are
present, logical, and maintain the flow
throughout the paper.
Sentences are complete, clear, and concise.
Rules of grammar and usage are followed
including spelling and punctuation. Assignment Total
Additional comments: # Comments: 4 Influence of Economics on
Household Decision Making
Grading Guide
ECO/561 Version 12 5
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