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Ten Principles of Economics and the Data of Macroeconomics

From Economics, General Economics
Due on 18 Aug, 2017 12:00:00
Asked On 15 Aug, 2017 07:21:57
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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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[Solved] APPLICATION OF ECONOMIC CONCEPTS.

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Submitted On 17 Aug, 2017 06:07:58

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DEEPEYES
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APPLICATION OF ECONOMIC CONCEPTS. Institution: Name: Date: Role of economists as policymakers and as scientists. Economists plays very vital roles in the economy of a country. This is because economists have a broad knowledge on how the economic resources can be allocated in the to various sectors in the country hence boost the economic performance of the firm. Economists are scientists because they are able to develop models as well as hypothesis that can be tested using data. The models often result into predictions which may be accurate or inaccurate. Through such models the economists are able to determine the effects of various policies implemented by the government in a country. For example, how the consumption of gasoline changes when the government increases the taxes for the gasoline. The models developed by the economists can be used to determine impact of such move by the government. Economists are also policy makers in a country. This is because they have knowledge of how certain change in the policies adopted by a country may affect the operations of a country (MacKenzie, Muniesa, & Siu, 2007). The economists act as advisors to the policy makers in a country in order to help them run the government effectively. Policies regarding taxation of items in the market can be used to regulate the consumption in the market. This is because an increase in tax for a certain product will automatically lead to increase in its costs hence reducing its consumption in the market. The economists are therefore able to offer advice to the policy makers on the most effective policies to implement in order to run the country they lead effectively. This makes the economists to be policymakers in a country. The society uses various principles to allocate resources among its need. One of the principle its uses is the tradeoff principle. This involves giving up on one thing in order to acquire another. The costs of the forgone item are usually referred to as the opportunity co...

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[Solved] Ten Principles of Economics and the Data of Macroeconomics

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Submitted On 07 Sep, 2017 10:22:34

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Ten Principles ...

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[Solved] Ten Principles of Economics and the Data of Macroeconomics

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Submitted On 16 Aug, 2017 01:25:30

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Besides, private markets are economic organizations t...

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Ten Principles of Economics and How Markets Work

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