Discuss how society manages its scarce resources


As part of a marketing research committee for your organization, you have been assigned the task of preparing a 700-word research paper about current microeconomic thought and theory.

Use Principles of Microeconomics.

Identify the fundamental lessons the Ten Principles of Economics teach about:

• How people make decisions

• How people interact

• How the economy as a whole works

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 is the point of equilibrium 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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Microeconomics: Discuss how society manages its scarce resources
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