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How society manages its scarce resources

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Reference no: EM132091713

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.

Reference no: EM132091713

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