ECO 365 Week 1 Assignment Ten Principles of Economics and How Markets Work

 

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.