Ten Principles of Economics and How Markets Work
Resources: Principles of Microeconomics, Ch. 1, 2, 3, 4, and 6.
Prepare an 875-word research paper as part of a marketing research committee for your organization about current microeconomic thought and theory.
Identify the fundamental lessons the Ten Principles of Economics teaches regarding:
How people make decisions
How people interact
How the economy works as a whole
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 the point of equilibrium is 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.
20180611025847eco365r10_ten_principles_of_economics_and_how_markets_work_grading_guide_week1
Solution Preview
Ten Principles of Economics and How Markets Work
The study of the economy follows ten core principles that revolve around the few resources, the unlimited customer wants and the trade-offs facing customers to achieve maximum utility. The tenets play a critical role in the efficient utilization of resources, customer decisions and how the economy operates as a whole.
(1,135 words)