Complete the Supply and Demand Simulation located on the student website.

homeworkmarket_start

Write a 1,050- to 1,400-word paper summarizing the content of a simulation.

Use one of the following as a reference source:

Complete the Supply and Demand Simulation located on the student website.

•    Identify two microeconomics and two macroeconomics principles or concepts from the simulation.

•    Identify at least one shift of the supply curve and one shift of the demand curve in the simulation.

•    Explain what causes the shifts, and how each shift affects the price, quantity, and decision making.

•    Include responses to the following: 

◦                      How might you apply what you learned about supply and demand from the simulation to your workplace or your understanding of a real-world product with which you are familiar?

◦                      How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity?

Cite a minimum of 3 peer reviewed sources.