Principles of Microeconomics

Prepare an 875-word research paper as part of a marketing research committee for your organization 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.