Ten Principles of Economics and How Markets Work

Identify the fundamental lessons the Ten Principles of Economics teaches regarding: •low people make decisions •low people interact •low the economy works as a whole
Explain the following to help the committee members understand how markets work: •low 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.