ECO372 Phoenix Principles of Economics and The Circular Flow Model Paper

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Question 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

Unformatted Attachment Preview

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 Ten Principles of Economics and the Data of Macroeconomics Grading Guide ECO/372 Version 10 Principles of Macroeconomics Individual Assignment: 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 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. Resources Required National Bureau of Economic Research Grading Guide Content Student explains how economists are both scientists and policymakers and what principles society uses to allocate it scarce resources. Student explains the flow of money and goods in an economy using the circular flow model. Student explains how market forces of supply and demand coordinate societies independent their economic actors. Student explains how a country’s gross domestic product (GDP) is defined and calculated. Met Partially Met Not Met Comments: Content Met Partially Met Not Met Total Available Total Earned 9 #/9 Partially Met Not Met Total Available Total Earned 3 #/3 12 #/12 Comments: Student explains how the consumer price index (CPI) is constructed and why it is an imperfect measurement of the cost of living. The report is 1,050-words in length. Writing Guidelines Met The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total Additional comments: # Comments: ...
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Tutor Answer

EinsteintheProf
School: UT Austin

Good luck in your study and if you need any further help in your assignments, please let me know.Goodbye.

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...

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Anonymous
awesome work thanks

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