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Explain what causes the shifts, and how each shift affects the price, quantity, and decision making

Write a 1,050- to 1,400-word paper summarizing the content of a simulation.

Use one of the following as a reference source:

Complete the Supply and Demand Simulation located on the student website.

 

  • Identify two microeconomics and two macroeconomics principles or concepts from the simulation.
  • Identify at least one shift of the supply curve and one shift of the demand curve in the simulation.
  • 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 to your workplace or your understanding of a real-world product with which you are familiar?
    • How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity?

Cite a minimum of 3 peer reviewed sources


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