Complete the following problems from the textbook:
Chapter 1, P1-2
Chapter 2, P2-4, P2-6, and Integrative Case 1
Follow these instructions for completing and submitting your assignment:
Do all work in Excel. Do not submit Word files or *.pdf files.
Submit a single spreadsheet file for this assignment. Do not submit multiple files.
Place each problem on a separate spreadsheet tab.
Label all inputs and outputs and highlight your final answer.
Follow the directions in “Guidelines for Developing Spreadsheets.”
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: 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 10-12 slide Power Point Presentation that presents a 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 for Power Point presentations.
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