Circular Flow Model, GDP, and Inflation

  Order Description       Scenario: Imagine the chief executive officer (CEO) of General Electric (GE) is concerned that members of the GM's strategic planning committee are unfamiliar with basic economic principles. The CEO has assigned you the task of developing a table to review those basic principles. In the table, explain the following to help the committee members understand how markets work: (1) the role of an economist as a scientist as well as a policymaker, (2) the circular flow model, (3) how an economy's scarce resources are allocated, (4) gross domestic product, and (5) consumer price index.