ECO 372 Week 1 Principles of Economics and the Data of Macroeconomics
Explain the following information in your 1000 word report to members of the strategic planning committee for your company:
• 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