Complete the Supply and Demand Simulation located on the student website.
Write 700 - 1,050-word paper of no more than summarizing the content. Address the following:
· Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic.
· Identify at least one shift of the supply curve and one shift of the demand curve in the simulation. What causes the shifts?
· For each shift, analyze how it would affect the equilibrium price, quantity, and decision making.
· How may you apply what you learned about supply and demand from the simulation to your workplace or your understanding of a real-world product with which you are familiar?