Ten Principles of Economics and How Markets Work Paper
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.
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.
- Complete the assignment using your own words with correct spelling, punctuation, and grammar in APA format. No plagiarism.
- If you are not using your own words or if you are quoting any information or definitions, make sure to cite the information by using proper APA format citations and don’t forget to include the source of the information as a reference on the references page by using proper APA format.
- Read and use the attached PDF, Word, and/or Power Point document(s) that are attached to this question in order to understand the necessary information in order for you to be able to complete the assignment accurately and completely.
- Read and use any other files that are attached to this question in order for you to be able to complete the assignment accurately and completely, if applicable. Do not forget to include any other attachments as references and to use citations from them, if applicable.