Week 1 Ten Principles of Economics and How Markets Work

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Description

Ten Principles of Economics and How Markets Work

As part of a marketing research committee for your organization, you have been assigned the task of preparing a 700-word research paper about current microeconomic thought and theory.

Use Principles of Microeconomics, Chs. 1, 2, 3, 4, 5, and 6, as the source for all your information.

Identify the fundamental lessons the Ten Principles of Economics teach about:

  • How people make decisions
  • How people interact
  • How the economy as a whole works

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 is the point of equilibrium 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.

Click the Assignment Files tab to submit your assignment.

Name the Paper as specified in the Instructor Policies.

Submit WritePont report and TurnItIn report.

 

Grading Guide

Â

Content

 

Met

Â

Partially Met

Not Met

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Comments:

Student identifies 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 explains how society manages its scare resources and benefits from economic interdependence.
Student explains why the demand curses slopes downward and the supply curve slopes upward.
Student explains where the point of equilibrium is and what it determines.
Student explains the impact of price controls, taxes, and elasticity on changes in supply, demand and equilibrium prices.
The paper is 700 words in length.

Total Available

Total Earned

9

#/X

Writing Guidelines

 

Met

Â

Partially Met

Not Met

Â

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.
Student has followed assignment naming convention specified in the Instructor Policies
Student has submitted WritePoint and TurnItIn reports

Total Available

Total Earned

3

#/X

Assignment Total

#

12

#/X

Additional comments:

 

 

 

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