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ECO 372 Week 2 Individual Assignment – Fundamentals of Macroeconomics Paper$8.00Resource: Figure 3-1 in Ch. 3 of Macroeconomics. |
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Part 1Describe the following terms in your word.Gross domestic product (GDP)Real GDPNominal GDPUnemployment rateInflation rateInterest rate |
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Part 2Consider the following examples of economic activities:Purchasing of groceriesMassive layoff of employeesDecrease in taxesDescribe 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. |
