Writing Resources
The organization's CEO is focused on the concern of the fact that members of the strategic planning committee are not accustomed with current economic thoughts and principles With this in mind the introduction of the principles and thoughts are a necessity in order for the strategic planning committee to familiarize themselves with it It seems that economists are both scientists and policymakers because they believe in the principles of society used to allocate scarce resources how the economy coordinates society's independent economic product GDP and how it is defined and calculated and how the consumer price index CPI is constructed any it is an imperfect measurement of the cost of living Respectfully economists have similar traits with scientists This is due to the fact that they must be able to hypothesis and develop models that can be tested by using variable data These models and the tests that need to be done in order to get results can give predictions At times the data can vary with incorrect or inaccurate results just like any test results With the data collected economists are able to review and determine the objective analysis This is used to determine what has been happening in the economy and used as the future statements about the economy People use the tradeoffs among alternatives the foregone opportunities as well as their rationale and incentives they face to allocate the scarce resources depending with the abilities desires and efforts of the members The circular flow model describes how resources goods money and services flow through an economy Within the process of flow through the economy this shows that the income and spending has connections between different parts of the economy Based on the model there seems to be two important players which are the Goods Services Markets and Factor Market
