. Identify the fundamental lessons the Ten Principles of Economics teach about:How people make decisionsHow people interactHow the economy as a whole works2. Explain the following to help the committee members understand how markets work:How society manages its scarce resources and benefits from economic interdependenceWhy the demand curve slopes downward and the supply curve slopes upwardWhere is the point of equilibrium and what does it determine?The impact of price controls, taxes, and elasticity on changes in supply, demand and equilibrium prices
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Due Oct 30, 11:59 PM
US/Arizona Time: Oct 24, 2017, 10:08 PM
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.
Principles of Microeconomics, Ch. 1: Ten
Principles of Economics
Principles of Microeconomics, Ch. 2: Thinking
Like an Economist
Principles of Microeconomics, Ch. 3:
Interdependence and the Gains From Trade
Principles of Microeconomics, Ch. 4: The
Market Forces of Supply and Demand
Resources: Principles of Microeconomics, by N. Gregory Mankiw
Prepare a minimum of an 875-word paper about current Microeconomic thought and theory
using the textbook, Principles of Microeconomics, as your only source and in separate
sections with appropriate headings, including an introduction and conclusion:
1. Identify the fundamental lessons the Ten Principles of Economics teach about:
Principles of Microeconomics, Ch. 6: Supply,
Demand, and Government Policies
Week 1 Grading Guide
How people make decisions
How people interact
How the economy as a whole works
Reference and Citations Guide
2. 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 is the point of equilibrium and what does it determine?
The impact of price controls, taxes, and elasticity on changes in supply, demand and
Cite the textbook as your only source. Failure to properly cite and reference the presentation is
considered plagiarism. See the CWE page of the Library on how to prevent plagiarism.
Format consistent with APA guidelines, including an introduction, conclusion, citations, a title
page, and a reference page. The correct in-text citation is (Mankiw, 2015) and reference is:
Mankiw, N.Gregory. (2015). Principles of Microeconomics, 7th Edition, Stamford, CT. Cengage
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