Principles of economics

Ten principles of economics and the data of macroeconomics
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.

………………………….Answer preview…………………….

Economics is the backbone of any country’s development and therefore it is important that people understand the basics of economics. However, since not everyone may pursue a course in economics, it is justifiable that some people in the business world do have the basics of economies………………

APA

1114 words