Please respond to each of the following with one or two paragraphs.
What is your "basket of goods"? Does it vary by items on sale, coupons, competition, your financial situation, etc.?
Do you choose "Mom and Pop" shops, "big box" stores, or a combination? Do the input costs of the business impact your decision? For example, will the possible change in minimum wage alter your choice, even though it might cause possible unemployment, and maybe closure of businesses in your area?
How might these decisions impact the local economy versus the overall Gross Domestic Product? That is, how do demand and supply impact overall consumption – regionally, nationally, and internationally?
Although inflation is targeted at around 2-3%, there are certain goods and services that surpass this goal. As a consumer, have you encountered situations when the price of an item appears to be inflated? If so, how do you think this has impacted consumption?