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Explain how the economy works as a whole

Assignment Help Microeconomics
Reference no: EM131882148

Assignment

Resources: Principles of Microeconomics, Ch. 1, 2, 3, 4, and 6.

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.

o 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.

Reference no: EM131882148

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