Microeconomics and the Laws of Supply and Demand

Complete the Supply and Demand Simulation.

Write a 1,050- to 1,350-word paper summarizing the content of the simulation and address the following:
•Identify two microeconomics and two macroeconomics principles or concepts from the simulation/video.
•Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics.
•Identify at least one shift of the supply curve and one shift of the demand curve in the simulation/video.
•Explain what causes the shifts, and how each shift affects the price, quantity, and decision making.

Include responses to the following:
•How might you apply what you learned about supply and demand from the simulation/video to your workplace or your understanding of a

real-world product with which you are familiar?
•How does the price elasticity of demand affect a consumer’s purchasing and the firm’s pricing strategy as it relates to the

simulation/video?

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