Ten Principles of Economics and the Data of Macroeconomics, economics homework help

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Economics

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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 an 875-word report to introduce some of these thoughts and principles. Use Chapters 1, 2, 3, 4, 5, 6 and 7 in Principles of Macroeconomics as your only source. 

Explain the following information in your report to members of the strategic planning committee:

  • 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 consistent with APA guidelines.


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Running head: PRINCIPLES OF ECONOMICS

Principles of Economics
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PRINCIPLES OF ECONOMICS

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Economists are scientists because they development models and hypotheses that can be
tested by using data (Stonecash & Mankiw, 2011). The models result in predictions, and
sometimes these are off the mark. Data allow an economist to describe what people do, this is
called positive economics, for examples, by how much does petroleum consumption change if
the gas tax is changed? Economists also recommend what ought to be done, called normative
economics. For example, should the petroleum tax be changed? What are the effects of legalizing
abortion (positive)? Should abortion be legalized (normative)? (Stonecash & Mankiw, 2011).
Perhaps one of the major contributions of economists is that they contributive to identifying
winners and losers from public policy changes think increasing the minimum wage, and private
market changes, think the sale of Budweiser to a foreign company. Private mark...


Anonymous
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