The 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.
Assignment Steps
Prepare an 875-word research paper as part of a marketing research committee for Apple 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.
Principles of Economics: The Ten Principles of Economics and how markets work
Name
Institution
Date
The Ten Principles of Economics
How people make decisions
People face trade-offs when making economic decisions and for the government trade-offs focus on efficiency and equality, where efficiency is getting the most value from scarce resources. Equality is the proper and uniform distribution of the economic prosperity to ensure the well-being of more people (Mankiw, 2016). People have to decide whether the cost they give to acquire something is worthwhile and they compare the costs and benefits among the available options. The opportunity cost represents the foregone potential benefit of choosing one alternative over another. For instance, if one studies for an exam instead...
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