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QUESTION
Scenario: Your organization's CEO is concerned that members of the Planning Department are not familiar with current economic thought and principles....
Scenario: Your organization's CEO is concerned that members of the Planning Department 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 report to explaining the following information:
- How economists support 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 open economy.
- Describe the role of government in setting and enforcing rules.
- Explain the contribution of international trade to the circular flow.
- Discuss the four factors of production and how each contributes to or inhibits economic growth.
- Explain how productivity drives real economic growth.
