How economists are both scientists and policymakers and what principles society uses to allocate its scarce resources

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How economists are both scientists and policymakers and what principles society uses to allocate its scarce resources

• 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