Ten Principles of Economics and How Markets Work

Ten Principles of Economics and How Markets Work. useÿ ten principles to develop the understanding of economics and how society manages its scarce resources. Students will see how markets work using supply and demand for a good to determine both the quantity produced and the price at which the good sells. The concepts of equilibrium and elasticity are used to explain the sensitivity of quantity supplied and quantity demanded to changes in economic variables. Students will see how government policies impact prices and quantities in markets.ÿAssignment StepsResources:ÿPrinciples of Microeconomics, Ch. 1, 2, 3, 4, and 6.ÿPrepareÿan 1000-word research paper as part of a marketing research committee for your organization about current microeconomic thought and theory.ÿIdentifyÿthe fundamental lessons the Ten Principles of Economics teaches regarding:How people make decisionsHow people interactHow the economy works as a wholeÿExplainÿthe 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.Formatÿconsistent with APA guidelines.

Ten Principles of Economics and How Markets Work


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