ECO372 Phoenix Principles of Economics and Data of Macroeconomics Report

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punyibefba35

Economics

ECO372

University of Phoenix

Description

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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Explanation & Answer

Attached.

OUTLINE
INTRODUCTION
BODY
CONCLUSION
REFERENCE


ECONOMICS

0

Economic Principles
Name
Instructor
Institutional Affiliation
Date

ECONOMICS

1

REPORT ON ECONOMIC THOUGHT AND PRINCIPLES
The paper will discuss major point on principles of economics, and by the end of it you will
all be enlightened and have enough knowledge. The main points of discussion include
economists role as scientists and in making policies, society’s principles used to allocate scarce
resources, circular flow model, coordinating independent economic factors by the society, an
economy’s GDP, and lastly the construction of CPI and its imperfect measurement of the cost
of living.
Economics is a science in the social field that majors in producing, distributing and consuming
goods and services to the people. It studies how persons, firms, governments, and countries
allocate resources choosily to meet their wants and needs. In conjunction with this economics
establish how these partisans should organize and coordinate efforts to achieve maximum
output. Economics has two branches microeconomics and macroeconomics. Microeconomics
is the branch of economics that majors in single factors and the outcomes of individual
decisions (Case, & Fair, 2007). Macroeconomics is a branch of economics that studies the
behaviour of the whole economy specifically the GDP, how i...

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