Choose your favourite or most interesting invention/product of all time.

Then answer the following questions using research from reputable sources.

Questions to answer (1 comprehensive paragraph each):

1. What is the genesis of this invention-in other words, what need in the marketplace did it fill? Does it still fill that same need? Why or why not?
2. How have the supply and demand curve been affected (for example, consumer preferences? The wealth effect? The income effect?
3. What kind of industry is it in? Is part of a monopoly, oligopoly, monopolistic competitive market, or is it perfectly competitive? How has its market power affected its popularity or"perceived need" for this product?
4. Has the product remained competitive? What techniques have been used to keep the product successful?
5. What macroeconomic government policies have affected the market for this product, in terms of monetary or fiscal policy?
6. Has inflation affected the market for this product? How?
7. Have political conditions affected the market for this product? If so, how, or how might it in the future?
8. Has the labour market changed as a result of this product, in producing it, researching it, or distributing it?
9. What overall impact has this product had on your life as well as society as a whole? How would society be different without it? Is it replaceable and if so, how?