Eco365

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.

· 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.