Complete the Supply and Demand Simulation.
Write a 1,050- to 1,400-word paper summarizing the content of the simulation and address the
Identify two microeconomics and two macroeconomics principles or concepts from the simulation.
Explain why you have categorized these selected principles or concepts as microeconomics or
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?
How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and
demand on the equilibrium price and quantity?
How does the price elasticity of demand affect a consumer’s purchasing and the firm’s pricing strategy as
it relates to the simulation?
Cite a minimum of 3 peer reviewed sources.
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