College Essays-Impacts of government policies on prices and quantities in markets
The concepts of equilibrium and elasticity are used to explain the sensitivity of quantity supplied and quantity demanded to changes in economic variables. how government policies impact prices and quantities in markets
- Explain how people make decisions using the appropriate Ten Principles of Economics. Provide a personal example.
- Explain how people interact using the Ten Principles of Economics. Provide a personal example.
- Explain how the economy as a whole works using the Ten Principles of Economics.
- Explain how society manages its scarce resources and benefits from economic interdependence.
- Explain why the demand curve slopes downward and the supply curve slopes upward.
- Explain where the point of equilibrium is and what it determines.
- Explain the impact of price controls and taxes on the market. Provide examples.
- Explain price elasticity of demand and what can affect it. Provide personal examples.
Resources: Principles of Microeconomics, by N. Gregory Mankiw
