ECO365 Week1: Ten Principles of Economics and How Markets Work

ECO365 Week1: Ten Principles of Economics and How Markets Work

Introduction to Microeconomics

ECO365 Week1: 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, by N. Gregory Mankiw

Prepare a minimum of an 875-word paper about current Microeconomic thought and theory using the textbook, Principles of Microeconomics, as your only source and in separate sections with appropriate headings, including an introduction and conclusion:

1. Identifythe fundamental lessons the Ten Principles of Economics teach about:

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

2. Explainthe 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

Cite the textbook as your only source.  Failure to properly cite and reference the presentation is considered plagiarism.  See the CWE page of the Library on how to prevent plagiarism.

Format consistent with APA guidelines, including an introduction, conclusion, citations, a title page, and a reference page.  The correct in-text citation is (Mankiw, 2015) and reference is:

Mankiw, N.Gregory. (2015). Principles of Microeconomics, 7th Edition, Stamford, CT.  Cengage Learning.

This assignment contains a Word document.

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