Ten Principles of Economics and how markets work
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
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Economics is the study of how societies utilize the available scarce resources. Gregory Mankiw’s ten Principles of Economics do possess fundamental lessons affecting people’s co-existence in the society. In the society, the scarce resources are allocated through the collective decision of millions of households and firms. People ……….
