Reference no: EM131369572
Assignment: Ten Principles of Economics and How Markets Work
Purpose of Assignment
In Week 1, students are introduced to the ten fundamental principles on which the study of economics is based. Throughout this course, the students will use these ten principles to better develop their 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.
Assignment Steps
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.
|
Relationship among kirkpatricks four levels of evaluation
: What is the relationship among Kirkpatrick’s four levels of evaluation? Would you argue for examining all four levels, even if your boss suggested you should look only at the last one (results) and, that if it improved, you would know that training h..
|
|
What factors should be considered in designing a job
: A multinational corporation has three basic sources to use when staffing its foreign operation. Name two of these sources, and give one advantage and one disadvantage of each. What factors should be considered in designing a job
|
|
Identify specific learning objectives for training session
: For this discussion, imagine that you are designing a 4-hour leadership development training session. Identify specific learning objectives for your training session. Conduct an Internet search to identify the types of games and business simulations ..
|
|
Muscles health club database requirements
: The Muscles Health Club needs a database to keep track of its members, their personal trainers, and the fitness classes that they are taking.
|
|
Identify the fundamental lessons ten principles of economics
: Identify the fundamental lessons the Ten Principles of Economics teaches regarding: How people make decisions, How people interact and how the economy works as a whole?
|
|
Pseudocode and flowchart
: Give the pseudocode and flowchart for both that would show how one of the additional data structures could be implemented to search data. In addition, create a flowchart for both to show how to sort using one of the additional algorithms.
|
|
Maintaining participant interest in training
: Conduct research to identify techniques for maintaining participant interest in training. List a minimum of three specific techniques not found in the Blanchard and Thacker (2013) text and give a short explanation of each. Compare these three techniq..
|
|
Create a pattern hierarchy that meaningfully organizes
: Create a pattern hierarchy that meaningfully organizes the EAA Catalog of patterns using one of the architectural styles from this week's readings. Create categories and link them together in the form of a logical hierarchy. Include at least one p..
|
|
Develop at least one of the three illnesses
: If a person lives in an area affected by all three diseases, what is the probability that he or she will develop at least one of the three illnesses?
|