Identify two microeconomics and two macroeconomics

Question

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?

Answer 1

In an around 1050 to 1400 word paper, please sum up the content of a simulation. Ensure to use one of the given as a reference source: 1) Complete the Supply and Demand Simulation positioned on the student website. 2) Recognize two microeconomics and two macroeconomics concepts or principles from the simulation. 3) Recognize at a minimum of one shift of the supply curve and one shift of the demand curve in the simulation. 4) Describe what causes the shifts, and how each shift influences the price, quantity and decision making. Comprise responses to the given: 5) Explain how might you implement what you learned regarding supply and demand from the simulation to your workplace or your comprehending of a real-world product by which you are well-known? 6) Illustrate how do the concepts of microeconomics assist you understanding the factors which influence shifts in supply and demand on the equilibrium price and quantity?