Reflect on how changes in economic variables may impact your personal
life and finances
Paper details:
See Template
STEP 1:Read the scenario in the Assignment 1 Template and preview the questions
that follow.
Scenario: A friend who knows that you are learning problem solving skills and
economics has come to you for advice. At the beginning of this year, rent and the
price of imported food rose. At the same time, prices for domestic food dropped. The
family’s income stayed the same, but because of these economic changes, they had to
make changes to their yearly budget.
Your friend’s family is unhappy about the lifestyle changes that your friend has
chosen. Your friend knows that you are studying personal finance and have asked you
how to explain to her family what has happened to their spending. She has brought
with her their family budget from last year, as well as their current budget for this
year.
STEP 2: Identify one relevant economic concept that applies to the scenario and
describe how it applies. (Question 1)
STEP 3: Summarize how expenditures changed between budgets. Make sure to
address how expenditures changed (or did not change). (Question 2)
STEP 4: Describe the economic trends that created the need for a change in
expenditures. Make connections to the economic concepts you have
learned. (Question 3)
STEP 5: Explain the rationale for your friend’s budget decisions to her family.
Address all changes (or non-changes) in expenditures and discuss long term
effects. (Question 4)
STEP 6: Reflect on how changes in economic variables may impact your personal
life and finances.
Solution preview for the order on reflect on how changes in economic variables may impact your personal life and finances
APA
435 words