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.
Use Principles of Microeconomics, 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.