ten principles

Ten Principles of Economics and How Markets Work Grading Guide

ECO/365 Version 10

Individual Assignment: 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.

Resources

Principles of Microeconomics, Ch. 1, 2, 3, 4, 5, and 6.

Grading Guide

Content	Met	Partially Met	Not Met	Comments:
Student identified the fundamental lessons the Ten Principles of Economics teaches about: a. How people make decisions b. How people interact c. How the economy works as a whole
Student explained how society manages its scare resources and benefits from economic interdependence.
Student explained why the demand curses slopes downward and the supply curve slopes upward.
Student explained where the point of equilibrium is and what it determines.
Student explained the impact of price controls, taxes, and elasticity on changes in supply, demand and equilibrium prices.
The paper is 875 words in length.
		Total Available	Total Earned
			#/5

Writing Guidelines	Met	Partially Met	Not Met	Comments:
The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements.
Intellectual property is recognized with in-text citations and a reference page.
Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper.
Sentences are complete, clear, and concise.
Rules of grammar and usage are followed including spelling and punctuation.
		Total Available	Total Earned
			#/2

Assignment Total	#	7	#/7
Additional comments: