The ten Principles of Economics
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.
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There are several things that people use in the process of making the most appropriate decisions. Among the most common is they first think of the cost of the item. This is usually a clear indication of the cost that they will be forfeiting in an effort to get the goods or service they desire (Hall, and Lieberman, 2010). This is very important as it make sure that one is able to know which commodity to choose depending on the price…….
APA
826 words
