ECO372 Phoenix Principles of Economics and Circular Flow Model Paper Ten Principles of Economics and the Data of Macroeconomics Purpose of Assignment The
ECO372 Phoenix Principles of Economics and Circular Flow Model Paper Ten Principles of Economics and the Data of Macroeconomics
Purpose of Assignment
The purpose of this is assignment is for students to review the basic principles of economics and the circular flow model, which shows how markets coordinate 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 Steps
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 which includes the following information:
How are economists both scientists and policymakers?
Using the circular flow model, explain how markets coordinate the flow of money and goods in an economy.
How is a nation’s gross domestic product (GDP) and defined and calculated?
How is the consumer price index (CPI) constructed and why it is an imperfect measurement of the cost of living?
Format the assignment consistent with APA guidelines.
Principles of Macroeconomics, Ch. 1: Ten Principles of Economics
Principles of Macroeconomics, Ch. 2: Thinking Like an Economist
Principles of Macroeconomics, Ch. 7: Consumers, Producers, and the Efficiency of Markets
Principles of Macroeconomics, Ch. 6: Supply, Demand, and Government Policies
Principles of Macroeconomics, Ch. 5: Elasticity and Its Application
Principles of Macroeconomics, Ch. 4: The Market Forces of Supply and Demand
Principles of Macroeconomics, Ch. 3: Interdependence and the Gains From Trade Ten Principles of Economics and the Data of Macroeconomics
Purpose of Assignment
The purpose of this is assignment is for students to review the basic principles of
economics and the circular flow model, which shows how markets coordinate 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 Steps
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 which
includes the following information:
•
•
•
•
How are economists both scientists and policymakers?
Using the circular flow model, explain how markets coordinate the flow of money
and goods in an economy.
How is a nation’s gross domestic product (GDP) and defined and calculated?
How is the consumer price index (CPI) constructed and why it is an imperfect
measurement of the cost of living?
Format the assignment consistent with APA guidelines.
• Principles of Macroeconomics, Ch. 1: Ten Principles of Economics
• Principles of Macroeconomics, Ch. 2: Thinking Like an Economist
• Principles of Macroeconomics, Ch. 7: Consumers, Producers, and the Efficiency of
Markets
• Principles of Macroeconomics, Ch. 6: Supply, Demand, and Government Policies
• Principles of Macroeconomics, Ch. 5: Elasticity and Its Application
• Principles of Macroeconomics, Ch. 4: The Market Forces of Supply and Demand
• Principles of Macroeconomics, Ch. 3: Interdependence and the Gains From Trade
Ten Principles of Economics and the Data
of Macroeconomics Grading Guide
ECO/372 Version 10
Principles of Macroeconomics
Individual Assignment: Ten Principles of Economics and the Data of Macroeconomics
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 calculated.
Resources Required
National Bureau of Economic Research
Grading Guide
Content
Student explains how economists are both
scientists and policymakers and what
principles society uses to allocate it scarce
resources.
Student explains the flow of money and
goods in an economy using the circular flow
model.
Student explains how market forces of supply
and demand coordinate societies
independent their economic actors.
Student explains how a country’s gross
domestic product (GDP) is defined and
calculated.
Met
Partially
Met
Not Met
Comments:
Content
Met
Partially
Met
Not Met
Total
Available
Total
Earned
9
#/9
Partially
Met
Not Met
Total
Available
Total
Earned
3
#/3
12
#/12
Comments:
Student explains how the consumer price
index (CPI) is constructed and why it is an
imperfect measurement of the cost of living.
The report is 1,050-words in length.
Writing Guidelines
Met
The paper—including tables and graphs,
headings, title page, and reference page—is
consistent with APA formatting guidelines and
meets course-level requirements.
Intellectual property is recognized with in-text
citations and a reference page.
Paragraph and sentence transitions are
present, logical, and maintain the flow
throughout the paper.
Paragraph and sentence transitions are
present, logical, and maintain the flow
throughout the paper.
Rules of grammar and usage are followed
including spelling and punctuation.
Assignment Total
Additional comments:
#
Comments:
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