Identify the fundamental lessons the Ten Principles of Economics teach about: How people make decisions How people interact How the economy as a whole works 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 is the point of equilibrium and what does it determine? The impact of price controls, taxes, and elasticity on changes in supply, demand and equilibrium prices
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