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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
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
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.