Principles of Macroeconomics, writing homework help

Question Description

Purpose of Assignment

The purpose of this is assignment is for students to review the basic principles of economics and the concepts of the circular flow 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: National Bureau of Economic Research; 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 strategic planning 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.

Final Answer


Principle of Macroeconomics
Economics relies on scientific methods to discover facts about the nature of scarcity of
resources and the consumption behavior. Just like other sciences, economics has a strong basis in
mathematics. In most cases, economists develop economics through testing of hypothesis. The
theory and models prepared by the economist rely on data for testing. It is data analysis that
allows the economists to describe the consumption behavior of people. For example, a professor
may explain how the bank lending rates vary when the currency exchange changes by analyzing
and interpreting the market data. This is an example of positive economics. Therefore,
economists are scientists because they use scientific methods to understand data and make their
On the other hand, economists stand out among the social scientists because they
significantly influence the policies. For example, in any government, economists are the only
social scientists who control major branches of the government policies. Economists, for
instance, have a wider unanimity on the need for the carbon taxes and other areas such as
minimum wages (Hirschman and Berman). Therefore, political leaders, as well as investors,
must rely on the advice from the economists when making their critical decisions. A...

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