Expert answer:Ten Principles of Economics and How Markets Work

Expert answer: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 Resources: Principles of Microeconomics, Ch. 1, 2, 3, 4, and 6. 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 decisionsHow people interactHow 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.Must pass plagiarism checker with less than 5% and have a bibliography/reference page.
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Ten Principles of Economics and How
Markets Work Grading Guide
ECO/365 Version 10
Principles of Microeconomics
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Ten Principles of Economics and How Markets Work Grading Guide
ECO/365 Version 10
2
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
Total
Available
Total
Earned
5
#/5
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.
Comments:
Ten Principles of Economics and How Markets Work Grading Guide
ECO/365 Version 10
Writing Guidelines
Met
3
Partially
Met
Not Met
Total
Available
Total
Earned
2
#/2
7
#/7
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.
Assignment Total
Additional comments:
#
Comments:
…
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