Develop a 1,050-word report to the members of the strategic planning committee

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Economics

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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.

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Ten Principles of Economics and the Data of Macroeconomics Grading Guide ECO/372 Version 10 Principles of Macroeconomics Copyright Copyright © 2016, 2015, 2014 by University of Phoenix. All rights reserved. University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix® editorial standards and practices. Ten Principles of Economics and the Data of Macroeconomics Grading Guide ECO/372 Version 10 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 Met Partially Met Not Met Total Available Total Earned 9 #/9 Partially Met Not Met Comments: 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. 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 The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Met Comments: 2 Ten Principles of Economics and the Data of Macroeconomics Grading Guide ECO/372 Version 10 Writing Guidelines Met Partially Met Not Met Total Available Total Earned 3 #/3 12 #/12 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: 3
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Explanation & Answer

Attached.

Running Head: PRINCIPLES OF MICROECONOMICS

Principles of Microeconomics
Name
Instructor
Institutional Affiliation
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PRINCIPLES OF MICROECONOMICS

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How economists are both scientists and policymakers and what principles society uses to
allocate its scarce resources.
Economics refers to how the society, businesses, governments, individuals, and
households allocate scarce resources to meet the unlimited needs within the society. It is
imperative to understand that the concept of economics supports the circular flow of goods and
services through allocation. In essence, the society, businesses, and government among other
bodies will try to allocate resources based on the needs of the system and the people in general.
In allocating these resources, economics play a vital role. It is important to note also that
economists play a critical role within the context of societal economics by coming up with
appropriate models, hypothesis and economic variables that enable them to predict the behavior
of the economy (Mankiw, 2015). This helps in allocating resources efficiently and facilitates the
circular flow of resources within the economic system.
Economists are both scientists and policymakers because they develop both models and
come up with the appropriate hypothesis that can ease the prediction of the economy at a future
date. On the same note, economists are policymakers because they come up with appropriate
economic policies that enable government and the society to manage the economy more
effectively. In the contexts of economic forecasts, an economist can be said to be a scientist sinc...


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