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Explain how society manage its scarce resources and benefits

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Reference no: EM131138316

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.

Use Principles of Microeconomics, 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.

Reference no: EM131138316

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