The purpose of this is assignment is for students to review the basic principles of economics and the concepts of the circular flow model

The purpose of this is assignment is for students to review the basic principles of economics and the concepts of the circular flow model

The purpose of this is assignment is for students to review the basic and the concepts of the model, showing the connectivity of society’s economic players and the flow of goods and money within an economy. Students will learn how society allocates its scarce resources and how economists are both scientists and policymakers. Students will define GDP and CPI and how they are calculated.

Assignment Steps

Resources: ; Principles of Macroeconomics: Ch. 1, 2, 3, 4, 5, 6, and 7

Scenario: Your organization’s CEO is concerned that members of the strategic planning committee are not familiar with current economic thought and principles. The CEO has assigned you the task of developing a report to introduce some of these thoughts and principles.

Develop a 1,050-word report to the members of the committee explaining the following information:

How economists are both scientists and policymakers and what principles society uses to allocate its scarce resources.

Using the circular flow model, explain the flow of money and goods in an economy.

How the economy coordinates society’s independent economic actors.

A country’s gross domestic product (GDP) and how it is defined and calculated.

How the consumer price index (CPI) is constructed and why it is an imperfect measurement of the cost of living.

Format the assignment consistent with APA guidelines.

 

………………………..Answer preview………………………

It has been brought to my attention that the committee charged with the organization’s strategic planning has not yet familiarized itself with the latest principles and thoughts pertaining economics. The organization’s chief executive officer has asked me to put down a memorandum in order point out various economics topics. These include, why an economist can be regarded as both a scientist and a policymaker, principles used by the society to allocate scarce resources, discuss how finances and products flow in the economy by use of the circular-flow model, the economy’s coordination on the independent economic actors in the community, GDP’s (gross domestic product) definition and calculation, the construction of CPI (consumer price index) and why it unsuitable for measuring costs of living………………………….

APA
1213 words

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