4. Relating it to the real world. Go shopping! Find the average current price of your item online, in the newspaper, or locally by looking at the price when you go to the store in the next day or two. Does the current price match the trend from the 1960-2000 that you identified. Explain your thinking in words.
so, have you gone shopping yet?
checked the trends?
done anything?
To determine if the current price of your item matches the trend from 1960-2000, you will need to follow these steps:
1. Start by identifying your item. Let's say your item is a smartphone.
2. Begin by searching online to find the average current price of your item. Visit popular e-commerce websites or online marketplaces and look for the average price of the smartphone you are interested in. Take note of this price.
3. Next, check the price of the smartphone in the newspaper. Look for any advertisements or offers related to smartphones and find the price listed. Make a note of this price as well.
4. If possible, visit a local store that sells smartphones within the next day or two. Observe the current price displayed on the price tag or speak with a sales representative to determine the price. Take note of this price too.
5. Compare the current price you found (online, in the newspaper, or locally) with the price trend you identified from 1960-2000. If the current price is similar to the trend, it means that the price has remained relatively stable or within a predictable range over time. On the other hand, if the current price is significantly higher or lower than the trend, it suggests a deviation in the price trend.
6. Analyze why the current price matches or deviates from the trend. Factors such as inflation, technological advancements, changes in supply and demand, and market competition can significantly influence the price over time. Consider these factors and explain your thinking in words, discussing the possible reasons for the similarity or deviation.
By following these steps and analyzing the current price trend compared to the identified price trend from 1960-2000, you can determine whether the current price matches the historical trend and provide explanations for any similarities or deviations.