Ten Principles of Economics and How Markets Work

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.