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.