The If the economy isn’t doing well

The most well known topic when it comes to economics is probably supply and demand. Supply and demand is the amount of products available for society to use and the amount of want or need for a certain product. Another aspect of economy is consumption. Consumption is the buying and use of products available on the market. When you go to the Apple Store to buy the newest iPhone, you are a consumer. I know we have decisions of what we buy and that our decisions impact the economy. The marketing that companies do, especially towards my age group influences my choices and ultimately boosts one industry over another. Since teenagers are the group with a large amount of disposable income, we are very important to the ebb and flow of the economy. Imports and exports are another part of economics. While it may be easy for one country to produce a product to sell to its people, it could be a lot easier to produce the same product in a different country where their labor isn’t as expensive. The U.S. is very well known for using China as the main source of their products. I am a consumer, I have to make chooses of which products to buy and where I’m going to throw my money into the economic pot and I am highly influenced by the media as to which products I buy. If the economy isn’t doing well that could result in job loss or income reduction. When money is tight stress is increased, and people need to manage their budgets more closely. You might not be able to participate in the same activity you usually do when the economy is struggling. I am a consumer and the choices I make of products I buy affect which industries gain money and can in turn circulate it back into the economy. The role of families in the economy help keep the money flowing and the economy strong. If no one had a family and everyone grew up alone, 1) there would be no reproduction for future generations to keep the economy thriving and 2) there wouldn’t be demand for certain products and some industries or companies would die. Even if every person got married, but had no children, there would be no need for children’s toys, books, cribs, clothes, and much more. The larger the family, the more they need and the more they help out the economy. If you move to an area with a stronger economy than the neighborhood you’re coming from you might not be able to find a house as nice as what you were previously living in. Your money in your old area was able to buy you more (getting more bang for your buck) so even if you spend the same amount on your new house, your money won’t get you as far. The same principle goes for a person trying to sell their home. If the economy is doing poorly, people won’t be able to afford the more expensive houses. The result of this is either keeping your house on the market until the economy gets better, or having to lower the asking price.