Assignment:
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.