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Need help my assignment. Specifics are in the attachment. Must be free of plagiarism (Cant be 12% or more). I bolded the areas in the assignment that the instructor is particular about.

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

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Ten Principles of Economics and How Markets Work 1. Following instructions carefully will earn more points. 2. Papers with fewer than 875content words, or more than 5% over 875-content works [@ 945-words] will lose points. 3. Write in the 3rd person; avoid I / me / my / you / your / we. Instead write: This analysis will.....; this team believes.... 4. Include a thesis and summary conclusion. 5. APA requires in-text citations. Don't know who? Visit the Center for Writing Excellence and search for examples. 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 decisions How people interact How 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. o 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. Click the Assignment Files tab to submit your assignment.
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Attached.

Running head: THE PRINCIPLES OF ECONOMICS

The Principles of Economics
Name
Institution
Date

THE PRINCIPLES OF ECONOMICS
A family usually manage their functions in the same way as how economists view the
society. The family does this to ensure each member is satisfied. Scarcity of resources means that
some of the resources are limited hence for instance in a family set up each person cannot have
all that he/she needs. Economics is generally the study of how different society manages the
scarce resources. Economics is based on ten essential principles which are widely used in day to
day activities.
Making decisions
The ten principles of economics assists in the better understanding of the process
followed by people in making different decisions. To understand how people make their
decisions, the first four principles summarizes the process. The trade-offs which most people
face in their life can be evident in everyday actions like the how people use their free time. In
economics, trade –off is usually noted by the economy size as well as how the economy is
divided among the people. The principle usually explains that in life there exist trade-offs
(Mankiw, 2015).
The second ...


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