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    Assignment: The Key Concepts in Economics
    Due Week 4 and worth 175 points
    Write a three to four (3-4) page paper in which you:
    Your assignment must follow these formatting requirements:
    Be typed double spaced using Times New Roman font (size 12) with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
    Include a cover page containing the title of the assignment the students name the professors name the course title and the date. The cover page and the reference page are not included in the required assignment page length.
    The specific course learning outcomes associated with this assignment are:
    Analyze the dynamics of supply and demand to anticipate market equilibrium.
    Analyze the elasticity of demand and supply and its importance and the effect of taxes or other public policies.
    Describe the impact of various forms of competition on business operations with emphasis on perfect competition.
    Use technology and information resources to research issues in principles of economics.
    Write clearly and concisely about principles of economics using proper writing mechanics.
    This is what chapters 1-8 covered
    1.1Introduction: What Is Economics?1
    2.2The Key Principles of Economics28(opportunity cost marginal principle principle of voluntary exchange principle of diminishing returns real-nominal principle)
    3.3Demand Supply and Market Equilibrium49
    4.4Elasticity: A Measure of Responsiveness79
    5.5Production Technology and Cost109
    6.6Perfect Competition131
    7.7Monopoly and Price Discrimination157
    8.8Market Entry Monopolistic Competition and Oligopoly177

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