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.