Assignment: Principles of Microeconomics
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.
o 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.