ECO372 Fundamentals of Macroecomincs

Fundamentals of Macroeconomics Paper Describe the following terms in your word. ·  Gross domestic product (GDP) ·  Real GDP ·  Nominal GDP ·  Unemployment rate ·  Inflation rate ·  Interest rate Part 2 Consider the following examples of economic activities: ·  Purchasing of groceries ·  Massive layoff of employees ·  Decrease in taxes Describe how each of these activities affects government, households, and businesses. Describe the flow of resources from one entity to another for each activity. Write a 700- to 1,500-word paper summarizing the results.

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