Identify two microeconomics and two macroeconomics principles or concepts from the simulation/video.
Microeconomics and the Laws of Supply and Demand
Watch the Khan Academy Video “Changes in Market Equilibrium” located in the Week 1 Khan Academy Videos.
Write a 1,050- to 1,400-word paper summarizing the content of the simulation and address the following:
Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics.
Identify at least one shift of the supply curve and one shift of the demand curve in the simulation/video.
Explain what causes the shifts, and how each shift affects the price, quantity, and decision making.
Includeresponses to the following:
How might you apply what you learned about supply and demand from the simulation/video to your workplace or your understanding of a real-world product with which you are familiar?
How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity?
How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?
How does the price elasticity of demand affect a consumer’s purchasing and the firm’s pricing strategy as it relates to the simulation/video?
Cite a minimum of 3 peer reviewed sources.
APA formatting
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Microeconomics principles or concepts are the principles and concepts that relate to a particular individual, company or group level. This means that this type of economics just like the name suggests are those that do not affect a large number of people or many different companies. From the simulation there are microeconomics that can be seen. An example of such microeconomics from the simulation is when the supply of a company’s product increases, like the supply of apples from the example, the prices of such a product reduces. Another example of a microeconomics from the simulation…
APA
1299 words
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