Description
Ten Principles of Economics and the Data of Macroeconomics
Purpose of Assignment
The purpose of this is assignment is for students to review the basic principles of economics and the circular flow model, which shows how markets coordinate 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 which includes the following information:
- How are economists both scientists and policymakers?
- Using the circular flow model, explain how markets coordinate the flow of money and goods in an economy.
- How is a nation's gross domestic product (GDP) and defined and calculated?
- How is the consumer price index (CPI) constructed and why it is an imperfect measurement of the cost of living?
Format the assignment consistent with APA guidelines.
Principles of Macroeconomics, Ch. 1: Ten Principles of Economics
Principles of Macroeconomics, Ch. 2: Thinking Like an Economist
Principles of Macroeconomics, Ch. 7: Consumers, Producers, and the Efficiency of Markets
Principles of Macroeconomics, Ch. 6: Supply, Demand, and Government Policies
Principles of Macroeconomics, Ch. 5: Elasticity and Its Application
Principles of Macroeconomics, Ch. 4: The Market Forces of Supply and Demand
Principles of Macroeconomics, Ch. 3: Interdependence and the Gains From Trade
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Explanation & Answer

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Running head: MACROECONOMICS
1
Macroeconomics
Institution Affiliations
Instructor’s Name
Student’s Name
Course Code
Date
MACROECONOMICS
2
Macroeconomics
Introduction
The nation as a whole is run by the economic factors thought they are so risky. The business
analysts use several factors and estimations to allow occasional assets and resolve situations. The
economists are both researchers and policy makers, they utilize the hypothesis strategies in
addressing issues.
How are economists both scientists and policymakers?
By the use of data, the economists change models and speculate things they are hence
specialists. The data allows all the budgetary masters to portray what people do, constructive
money related viewpoint. The models that the economists change they ensure that they meet their
desires and hence the feeling of content. This model results in predictions and once in a while,
these are missing the goal recall, when people forestall God smiles (Van den Bergh, 2009).
The economists are able to depict both positive financial aspects and standardizing
financial matters, what specified people do and what should be done.in order to ensure that they
curb premature birth that causes unexpected results, the business specializes commit themselves
to distinguishing champs and failures from open approach changes think expanding the lowest pay
permitted by law, and own market changes, consider the offer of Budweiser to an outside
organization. Through the value framework, private markets allow terrifying assets (Mankiw,
2014).
Using the circular flow mo...
