Microeconomics Homework
Ten Principles of Economics and How Markets Work
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.
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.