Ten Principles Of Economics And How Markets Work

Ten Principles Of Economics And How Markets Work

Resources: Principles of Microeconomics, Ch. 1, 2, 3, 4, and 6.

Prepare an 875-word research paper as part of a marketing research committee for your organization about current microeconomic thought and theory.

Identify the fundamental lessons the Ten Principles of Economics teaches regarding:

  • How people make decisions
  • How people interact
  • How the economy works as a whole

Explain the following to help the committee members understand how markets work:

  • How society manages its scarce resources and benefits from economic interdependence.
  • Why the demand curve slopes downward and the supply curve slopes upward.
    • Where the point of equilibrium is and what does it determine?
  • The impact of price controls, taxes, and elasticity on changes in supply, demand and equilibrium prices.

Format consistent with APA guidelines.

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