John Maynard Keynes argued that the master economist should “examine the present in light of the past, for the purposes of the future”. Based on recent globalization evidence, critically analyse this statement for an industry product of your choice. Choose one country for your analysis, then one company and one specific product, as approved by your Lecturer. Apply Economic decision-making concepts to structure your Report:
1. Explain what contributes to the changes in demand and supply for your product.
2. Review recent product price history to discuss how that reflects recent changes in
demand and supply.
3. Evaluate whether the product is elastic or inelastic in nature and explain what
implications this may have on how to increase revenue.
4. Assess whether your product is a normal or inferior good based on its sensitivity to
changes in income.
5. Analyse the substitutes and complements of your product and how they influence
your product demand.
6. Discuss how changes in GDP, unemployment and inflation may affect your product.
7. Recommend optimal strategies for this company.
8. Conclude with recommended strategies on how using all these economic concepts
can add the most value to stakeholders.
Professional layout and presentation, concise, informative and correctly referenced. Graphs and colour can assist in summarising key points in your report.