Identify the fundamental lessons the Ten Principles of Economics teaches

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.