Explain the following information in your report to members of the strategic planning committee:
- 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