Description
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.
Explanation & Answer
Attached.
PRINCIPLES OF ECONOMICS AND THE DATA OF MACROECONOMICS
Principles of Economics and the Data of Macroeconomics
Name
Professor
Course
Date
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PRINCIPLES OF ECONOMICS AND THE DATA OF MACROECONOMICS
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PRINCIPLES OF ECONOMICS AND THE DATA OF MACROECONOMICS
The principles of economics are applicable in our day to day lives and it is therefore
important for individuals, corporations and the society at large to understand the concepts and
principles of economics. This report aims at shedding light on the current principles and thoughts
of economics by addressing the following key aspects;
How the Economists are both Scientists and Policymakers
Economists are regarded as both scientists and policy makers due to a number of reasons.
Economists are considered to be scientists because they use macroeconomic variables to develop
hypothesis and models that can be tested and proved using data. Economists formulate and test
economic theories and assumptions through objective scientific methods that help in the
understanding of the movement of the economy over a period of time. The models they develop
are used in analyzing current situations, predicting future economic conditions and in making
recommendations of ought to be done to improve the economic outlook of a society or nation.
This is what makes them policy makers because economists use models to understand current
economic conditions and future possibilities and...
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