PART I
Directions: Please respond to the question below. Your submission must be at least three pages in length and utilize APA format. You must use at least four scholarly sources (two are provided below and the third can be your textbook) and cite your references in APA format. Please utilize LIRN to help you get started with your search. You may visit the Academic Resource Center (ARC) for a guide on how to utilize LIRN successfully and for APA guidelines
After reading the two articles in Modules 1 and 2 related to economic theory ("History of Economics on the Making" and "How Did Economists Get It So Wrong"), reconstruct what happened from 2006 through 2012 as it relates to microeconomic theory. Was there too much focus on the macro climate and not enough on the micro climate? Do you concur more with Krugman or Duarte? What is the basis for your opinion? Be sure to isolate other peer-reviewed articles from the LIRN library that back your viewpoint. Use these as a basis for analysis in addition to what you see happening in the market yourself. Compare and contrast the two articles and the two authors' perceptions of the market. In this assignment, you should focus on the following:
• Microeconomic Theory
• Macro Climate versus Micro Climate
• Current market trends
PART II: Reflection Essay
Reflect on this week's work as it relates to decisions you make in your own life. Think about the laws of supply, demand, and price elasticity. Write a reflection essay that is one page in length about at least two decisions you have made in the past six months as they relate to supply and demand and price elasticity. How would this module's material have impacted your decision making if you knew it at the time?