Economics Assignment

(WINE) is the product chosen, please refer to BLS for charts and data that can be added to the assignment with three scholarly, peer-reviewed references from Bureau of Labor Statistics (BLS) and the Federal Reserve of St. Louis FRED

Purpose of Assignment

This assignment will introduce students to the U.S. Department of Labor's Bureau of Labor Statistics (BLS) data and provide students with the skills to calculate inflation and interpret the Consumer Price Index (CPI). Note: The BLS is the primary source of information on inflation, but their data is re-posted in other sources, such as the St. Louis Federal Reserve FRED site, among others.
Assignment Steps

Resources: Tutorial help on Excel and Word functions can be found on the MicrosoftOffice website. There are also additional tutorials via the web offering support for Office products.

Use an internet search or the University Library to locate information on the Consumer Price Index (CPI). Internet sites you might find useful include the Bureau of Labor Statistics (BLS) and the Federal Reserve of St. Louis FRED web site although you are allowed to use other sources.

Develop a minimum 700-word analysis of inflation by including the following:

• Choose a product or service you currently consume/use, such as apparel or educational services, that is included in the CPI's "market basket." Find the annual CPI index numbers for your chosen good or service for the years 1995, 2005, 2010, and 2015. Enter those index numbers in an Excel file and calculate the percent change (inflation rates) in those index numbers from 1995 to 2005, from 1995 to 2010, and from 1995 to 2015.

• Analyze the trends in overall inflation over the last five years and whether your income has kept pace with inflation. How has inflation over the last five years affected you and/or your family?

• Discuss how a business manager, such as a human resources manager, might use CPI statistics.

Cite a minimum of three scholarly, peer-reviewed references.

Format your paper consistent with APA guidelines.

Chose a product or service student currently consumes/uses, such as apparel or educational services, that is included in the CPI's "market basket."Found the annual CPI index numbers for student's chosen good or service for the years 1995, 2005, 2010, and 2015.Entered those index numbers in an Excel file and calculated the percent change (inflation rates) in those index numbers from 1995 to 2005, from 1995 to 2010, and from 1995 to 2015.

Analyzed the trends in overall inflation over the last five years and whether student's income has kept pace with inflation.Answered the following question:

How has inflation over the last five years affected you and/or your family?

Discussed how a business manager, such as a human resources manager, might use CPI statistics.

Cited a minimum of three scholarly, peer-reviewed references.

The analysis is a minimum of 700words in length.

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.