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Ten Principles of Economics and the Data of Macroeconomics

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.