875-word research paper marketing research committee for bank organization about current microeconomic

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Economics

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Prepare an 875-word research paper as part of a marketing research committee for banking 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. ◦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.

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Explanation & Answer

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Running Head: ECONOMY

1

Marketing Research Committee on the Economy
Author’s (Name)
Institution (Affiliate)

ECONOMY

2
Marketing Research Committee on the Economy

Introduction
Market research is an integral part of development in the banking sector. With a vibrant
research sector, the bank will understand the underlying economic conditions and make
decisions that will not antagonize the general population and potential clients. Over the years,
economists have tried to come up with theories that play a vital part in explaining purchasing
decisions and how people make choices.
Discussion
How People Make Decisions
People make decisions because they have options. When a customer is presented with
options to choose, they will look at them and make a decision based on what they want and can
afford. Decisions are made according to the incentive. Commodities and services that have a
higher incentive will attract and the decision being made will be biased towards that item.
Many people buy goods after carefully evaluating the market value against the price it is
being offered for. Therefore, they will see if the price is fair. The price is always perceived as
what people are willing ...


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