Ten principles of economics and how markets work

 
   

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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.

Use Principles of Microeconomics, Chs. 1, 2, 3, 4, 5, and 6, as the source for all your information. (Chapters attached )

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.