Microeconomics Homework


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.


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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