The CEO of the organization is concerned that members of the strategic planning committee are not accustomed to current economic ideas and principles. With this in mind, introducing the principles and thoughts is a necessity so that the strategic planning committee can become familiar with them. It seems that economists are both scientists and politicians because they believe in the principles of society used to allocate scarce resources, in the way the economy coordinates the independent economy of society, in the GDP produced and how it is defined and calculated and in the way the consumer price index, CPI, is constructed and is an imperfect measure of the cost of living. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay With all due respect, economists have similar traits to scientists. This is because they must be able to hypothesize and develop models that can be tested using variable data. These models and the tests that must be run to obtain results can provide predictions. Sometimes data can vary with incorrect or inaccurate results, just like any test result. With the data collected, economists are able to review and determine objective analysis. This is used to determine what has happened in the economy and used as future statements about the economy. People use trade-offs between alternatives, missed opportunities, as well as the logic and incentives they face to allocate scarce resources depending on members' abilities, desires, and efforts. 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 income and spending have connections between different parts of the economy. Based on the model, there appear to be two important players, which are the goods and services markets and the factor market. Factor markets are the businesses that produce goods and services in the economy, while goods and services are allocated to major consumers. The main exchanges represented as flows of money, goods and services take place between these two economic enterprises. Economists use this circular flow model to highlight the connection between households, producers (known as businesses), and government. According to Macroeconomics (Mankiw, 2015, p. 196-197, the way economics coordinates the independent economic actors of society is by using a method called "Gross Domestic Product". Gross Domestic Product or GDP, "is the market value of all final goods and services produced within a country in a given period of time" (Mankiw, 2015, p. 199). to determine how well an economy is doing by looking at the total income that everyone in the economy is realizing (Mankiw, 2015, p. 196). GDP measures the total income of everyone in the economy and the total expenditure of the economy's production of goods and services clothing. What GDP does not measure is something illegal such as illegal drugs. The example given in the chapter was about vegetables. For example, if you buy vegetables in a grocery store, it is part of the GDP, but if you grow them in your own garden it is not. This means that value is excluded from the market (Mankiw, 205, page 198). Another example would be purchasing goods and services in other countries that are not part of GDP. Economists study the various components of various types of GDP spending. GDP is made up of consumption (C), investment (I), government purchases (G) and net exports (NX). Consumption represents spending on household goods and services, except..