Prepare an 875-word research paper as part of a marketing research committee for your organization about current microeconomic thought and theory.

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Prepare an 875-word research paper as part of a marketing research committee for your organization about current microeconomic thought and theory.

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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. The impact of price controls, taxes, and elasticity on changes in supply, demand and equilibrium prices.
  • Where the point of equilibrium is and what does it determine?