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RamirezM_ECO372_WK1.docx - Running head TEN PRINCIPLES OF...

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Running head: TEN PRINCIPLES OF ECONOMICS AND THE DATA OF 1 Ten Principles of Economics and the Data of Macroeconomics Merranda Ramirez ECO372 May 13, 2017 Ilisha Newhouse
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TEN PRINCIPLES OF ECONOMICS AND THE DATA OF 2 Ten Principles of Economics and the Data of Macroeconomics For society to function properly they must have policies or laws that guide them. To know what policies to put into place, economists conduct research and create theories to direct policy makers in the appropriate direction. The military is affected by decisions made by the government, sometimes more than the civilian sector. In the Navy, everything is a product of the decisions that are made and the flow of goods that are in production. Economic Science and Policy Economists are scientific in their research and policy advisors when creating laws that help govern the society. Economists use the scientific method to create theories, collect their data, analyze it, and then decide whether the theory is accurate or false, based on that information (Mankiw, 2015). They prove or disprove theories to decide what kind of policies to make or put in place. They use formulas like the Gross Domestic Product (GDP) formula and the use diagrams like the circular flow diagram, to describe or determine their information (Mankiw, 2015). Economists become policy advisors to those who put policies into place, like being advisors to various presidents (Mankiw, 2015). There are ten principles that govern their decision-making process and the biggest one is that people face trade-offs. This is how the government decides what to put policies on and where to send the people’s funds. Economists offer advice and sometimes their advice is not always followed because an economist will provide numerous outcome and various possible scenarios.
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