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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: 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 do the different players relate to each other creating this flow?
- A country's gross domestic product (GDP), how it is defined and calculated, and its relevance as an indicator of growth within the economy.
- How the consumer price index (CPI) is constructed and why it is an imperfect measurement of the cost of living.Discuss the relevance of how the CPI is built and the components it measures.
Format the assignment consistent with APA guidelines.