ECO/372 Ten Principles of Economics and the Data of Macroeconomics

Ten Principles of Economics and the Data of MacroeconomicsDue Feb 27, 11:59 PMNot SubmittedPOINTS 12 Reportno new messagesObjectives:1.11.21.31.4InstructionsAssignment FilesGradingPurpose of AssignmentThe 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 StepsResources: National Bureau of Economic Research; Principles of Macroeconomics: Ch. 1, 2, 3, 4, 5, 6, and 7Scenario: 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.Click the Assignment Files tab to submit your assignment.MaterialsTen Principles of Economics and the Data of Macroeconomics Grading GuidePrinciples of Macroeconomics, Ch. 1: Ten Principles of EconomicsPrinciples of Macroeconomics, Ch. 2: Thinking Like an EconomistPrinciples of Macroeconomics, Ch. 7: Consumers, Producers, and the Efficiency of MarketsPrinciples of Macroeconomics, Ch. 6: Supply, Demand, and Government PoliciesPrinciples of Macroeconomics, Ch. 5: Elasticity and Its ApplicationPrinciples of Macroeconomics, Ch. 4: The Market Forces of Supply and DemandPrinciples of Macroeconomics, Ch. 3: Interdependence and the Gains From Trade