use ten principles to develop the 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.
Resources:Principles of Microeconomics Ch. 1 2 3 4 and 6.
Preparean 1000-word research paper as part of a marketing research committee for your organization about current microeconomic thought and theory.
Identifythe fundamental lessons the Ten Principles of Economics teaches regarding:
Explainthe following to help the committee members understand how markets work:
Formatconsistent with APA guidelines.