Describe the product/service in terms of its nature using the terminology and concepts

Describe the product/service in terms of its nature using the terminology and concepts

Week 5 Discussion Post

(Please use the CoreLogic’s Property Tax Estimator as the product for this discussion posts for Week 5 & Week 6)

Utility and Supply & Demand

In preparation for Assignments 2 and 3: Using a product or service at your company or one that you are familiar with, address each of the following points in regards to its nature, utility, and supply & demand:

Describe the product/service in terms of its nature using the terminology and concepts learned this week. For example, is it an inferior, normal, or luxury product or service? What are its substitutes, if any? What are its complements, if any?

Describe this product/service in terms of the utility it provides to buyers and/or its users. Name one (1) strong utility feature and one (1) weak utility feature. Explain why you think your customers keep coming back to you and not your competitors.

Describe one (1) factor that has shifted Demand (p. 24 in Microeconomics Made Simple) OR one (1) factor that has shifted Supply (p. 34 in Microeconomics Made Simple) of this product/service within the last year.

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